The potential negative equity is significant because they are...

The potential negative equity is significant because they are refinancing their debts this year. Most people understand this is significant, it gives AJX less room to negotiate.

Sounds like another one of your scare-mongering tactics to me. As I said AJXs equity should they become successful will be in their IP and their bonafide contracts. They've never had a meaningful asset holding thus far so nothing's changed and they will negotiate like they always have. In fact, being a low interest environment and with a much smarter board, between now and expiry of payback for loan in a year or so, sounds like a great time to refinance and strike more favourable terms. And worst case scenario (or even not worst) if that's not desirable, a CR could raise the required funds. $10mill on current marketcap would see a 25% dilution but then no further interest repayments. Personally I'd prefer it to be loan-based. Where out of interest did you get that they are refinancing their debt this year? Couldn't find it in the annual report but maybe they mentioned it elsewhere.

Below is a statement from the annual report. No need to concern ourselves with insolvency.
Sufficient capital for achieving profitability: The Group monitors and manages its resources to ensure there is sufficient capital for achieving profitability. Based on the Group’s budget, the Board is confident that the Company’s revenue forecasts, commercial pipeline, and funding options will ensure that the Company is sufficiently capitalised for the upcoming twelve months.