There's a Catch 22 here: every time that notes are converted,...

There's a Catch 22 here: every time that notes are converted, they dilute existing shareholders. Another 8m share were issued this week: on the 22nd, apparently, but they only announced it today. Not sure that was smart.
50% more shares today than there was at 30 June. Same business, just more shares. Each share worth less.
Conversion price for notes is 15% below weighted average sale price of shares in prior month, minimum 25 cents. IMO, this is going to depress the share price for some time. DYOR