How JHH treats the retirement of the Convertible Note agreement...

How JHH treats the retirement of the Convertible Note agreement will determine when the next CR or loan is needed to keep YPB's doors open.

This Convertible Note arrangement must be settled by October 3 this year.

In the way it has been set up, this Convertible Note arrangement can be settled by way of either swapping this debt for shares in YPB, or using funds and buy out the convertible notes, or a combination of buying shares and YPB taking some cash.

Which course of retiring the convertible note issue will depend on JHH's expectations of what direction YPB's share price is moving. If JHH perceives that the share price is going to fall, then the logical conclusion is to swap the convertible notes for cash, subject to the agreement of YPB. If JHH perceives that the share price trajectory is upwards, then it makes more sense to swap the loan for equity in YPB shares, but JHH would also have to take into account what will happen to the share price when another 500m shares gets issued, on the assumption that most of this new allocation will be put up for sale asap.

Regardless of whichever either of these scenarios plays out, IMO YPB will need another CR or loan during 2023.