Actually 36.6 M options and the conversion of convertable notes into 196M shares. The $19.6 proceeds for the convertable notes would have been received by ADY when the notes were originally issued.
As far as ADY is concerned this transaction represents their conversion from dept to equity. The exercise of the 36.6 M options represents an additional $3.6 M to ADY.
Regards
SP
Actually 36.6 M options and the conversion of convertable notes...
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