The company does not have the cash to repay note holders. The...

The company does not have the cash to repay note holders.
The holders that agreed to extend the maturity date only had the choice to extend or convert. They opted not to convert to shares, so they can't be that satisfied of the prospects of a successful outcome any time soon.

Let me spell it out for you in crayon.
From the financials we can have a guess what their current cash position is. It is difficult to assign the degree of accuracy with these figures but it looks something like this :-

At as 31st Dec 2023 they had a bank balance of $2.3mil
Over the last 3 months since balance date cash payments that would have ordinarily been paid include -
Current Trade Payables at 31/12/23 (with an av credit period of 30 days) $1.7mil
Wages $0.6mil
Interest $0.5mil
Auditors Fees for 2023 $0.3mil
Rent/Car Leases $50K?

They told you they were going to run out of cash during April. Insolvency is around the corner.