Ann: Change in substantial holding, page-5

smalldude is correct.

Arena first sold shares on the 15th Nov 2019 when the Abelco deal was announced.

Subsequently they convert their $850,000 convertible notes into shares today. This is testament that Arena have faith in the company. Otherwise, any savvy investor would have chosen to continue holding debt instruments instead of equity.

These notes were supposed to be repaid around April 2020 I think? With this conversion, it means Fatfish no longer have to set aside $850,000 for the repayment and now have additional firepower for investment purpose.