No.  Most the (older) notes converted 18 months after completing the PRH I money raising.  This occurred in June, 2021.  They were interest bearing notes for several years before all converting at one time.  I bought some in 2017 that accrued interest for 4 years.  

 

The most interesting thing to me about the "program" of these notes is not their conversion from note to preferred.  The preferred automatically converts to common stock in June of 2026.  After that date, the PRH investors have only common stock, all bought at $0.286/share to show for their investment.  No 4x or 6x preferential return, no lien on the Intellectual Property (that went away at conversion to preferred). 

 

At that time, all the naysayers who wrote about PRH designing the financing to steal the IP will be silenced forever.  It will be proven once and for all how this group of leaders sacrificed to put capital into the company at $0.286/share when the stock price was $0.06.  To understand this, when the stock hits $1.00, the $0.06 investors will make 17x their investment.  The PRH Financing investors will make less than 4x their investment.