So tada, very interesting theory and possibilities, just letting it all slide on both sides until it matters more. Add living in suspended animation in default with the IP on the line for a while?

I could see the reasoning, on both sides. 

But is this not material news and critical new information that would need to be disclosed to shareholders, going into default with the IP at risk of seizure?

Personally, it seems whatever action occurs (paying it, conversion, defaulting, etc) should all be reportable material news for shareholders, on May 13?

There could well be a "cure" period built into the default clause of the agreement also, but any serious risk (default) or resolution (payment/conversion) to the heart of the company (the IP), seems like it should come with a material status update by May 13. 

OMG is poor Chris gonna get hammered or what?! ... if no update of any kind