I am thinking the 36m shares relates to the principal and...

I am thinking the 36m shares relates to the principal and interest accrued to 2/2023.
$30m @ 6% over 7yrs with no interest paid = $45m at 2023.
$45m / $1.25 = 36.087m shares

so maybe you guys are right, and C/N not converted, but included as beneficial interest.
but geez, its NOT equity, the shares are NOT issued, and the C/N may never be issued ??

imho, the C/N is debt - not equity.

so the "beneficial interest" is a contingent interest.
now I am confused.