Ok thanks, I had assumed they still needed to report as a sub...

Ok thanks, I had assumed they still needed to report as a sub holder when converting the notes put them over the threshold. Makes it hard to keep track of where their current holdings sit.

Why wouldn't they continue to convert the balance as/when the terms allow them to? Costs them nothing, just a matter of how much of the company they can get at what price and with their existing holdings and absence of market interest, they can easily send this all the way down before next conversions.

Whether the company is worth anything is another matter.

I suspect they do know what they are doing here, not their first rodeo in this murky end of the market.