"The recent C note conversion to shares at $0.0337 cents I found...

"The recent C note conversion to shares at $0.0337 cents I found disturbing due to the large discount to the share price. I could find not mention of the C note to share conversion value in the annual report I had assumed the conversion rate would have been based on the VWAP of the shares over say the previous 3 months."

They have never announced this. The original convertible note was pretty lenient on the company, but when they revised it the terms were a bit more eye-opening. I queried it then and was told the price (which equated to 53m shares from memory), but it has never appeared in the documentation, so I wondered if there were some constraints in the agreement, as that is definitely unusual, given the price has been fixed since issue.

Having said that, I would rather this agreement than the kind of vulture funding that other companies are exposed to - and given the relationship between the holder and his interest in the company, it may not have been undeserved in some respects.