Ann: Convertible Note Interest Payment, page-2

Oh wow! That's hilarious! Another 1.6 billion shares issued to convert a LandOcean loan... 

My gosh, that's a c20% increase in the total number of shares!  

And those shares don't bring any new cash either, they're just causing massive dilution with no upside. 

The share price HAS to plummet!  0.02p? Anyone? 0.01?

Interestingly, this conversion effort only covers one year's worth of interest on the $20m LandOcean loan. Why would they even bother? The company's chances of paying back the bulk of the loan are approximately nil. It must be a year-end accounting necessity for someone, probably in China.

$87m in debt

£2.4m market cap

and now...an additional 20% dilution

This is like a horror movie where you really want to look away as the heroine is dismembered by the monster but you just can't do, so you squint sideways through the gaps between your fingers and shamefully suppress a guilty thrill of pleasure. No wonder the board members have been fleeing, they're probably not fans of compulsory organ donation.