It all depends on the euro market is.
AFPW owns 47m shares of 9AP on the frakfurt ...
If the market picks up over there and more liquidity comes, they can sell their 9AP and raise funds.
The lower liquidity slowed down their euro financing , but imo once AFPW has some numbers under their belt in orders, the liquidity over seas will pick up allowing them to BUY OUT any convertible debt here, and eliminate the need for more shares to be converted for the notes....