that is correct - my reading - CDX have paid US$100k to take up the tranche-2 option, but this is will not be completed until they have paid the outstanding US$2.9M.
CDX can exercise it's option by notifying Inheath that it will take up its option, but the convertible notes only exchange hands when CDX pays all monies owing in full and full payment is the trigger for ownership of the 33.3%.
Ann: CardieX Update on the Acquisition of 50.5% of inHealth, page-93
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