the next step, page-15

Yeah, I'm also surprised. Their is material uncertainty around this debt and our ability to repay it and the consequences. We had grounds to seek an suspension imo. Even just a few extra days while they seek "advice".

Although highly dilutionary, I would be interested on what grounds PNO could force conversion of debt into shares rather than need to find $1.3mil. They were convertible notes after all. It does seem conversion was at the note holders request. And they could probably argue the unrolled over amounts are pure debt and no longer convertible notes. But it could be one stratergy to avoid default.

The solution will most likely be a partial payout and partial rollover. They might accept a smaller amount like $250k now and rollover for 6months when they get more money back.