You obviously have a bone to pick with this company... no one...

You obviously have a bone to pick with this company... no one scrutinises a company so closely they don't hold stock in.. Someone you don't like there?

As for this dilution? The directors gave money when the share price was 4c and the market cap was $8m... The market bottomed 3 days later but who would have known that? they would have been better buying APT for $10 If you did you'd be rich and not squabbling here, don't pretend you had your wallet open.

They raised at 4c (similar discount to recent raises) and they got a very out of the money option at a 10c strike... (... the share price needed to go up 150% for the options to present value at this time)

Looks rich now but it didn't mid march when we all thought the world was going to end and they pulled out their wallets... Seriously consider the timing...

Any proper valuation already includes this dilution in the share count... I consider it done. I am sure it would convert at holders discretion. Cnotes usually do...

As for repayment... even if they could repay it... its currently $1m AUD negative cash flow today, for which they pay raise for 1% a month interest til its due (guessing march) so 2 more months... I'd rather they drive sales and pay 12% pa than right now than repay...

That's in the unlikely scenario that the directors won't convert...

In conclusions...It was an equity raising on the 18th of March, here is a chart for you: