You are right, the December quarterly does not show the notes being paid out during the December quarter and therefore 2,022,357 notes ($2,022,357) must have been paid out early January 2024 from available cash.
Available cash as of 31 December was $2,849,000 including a loan of $344,000. After paying out $2,022,357 to settle the notes that should leave us with $826,647 or $482,643 after allowing for the loan. They do not mention the terms of the loan. They also say we have 2.3 quarters of funding remaining, but after paying out the notes we would be lucky to have two months of funding remaining, so I assume that is the reason for issuing these new options to raise $262,325 next week.
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