Ann: Appendix 4C - quarterly, page-8

The notes are at the discretion of the holder and the options may not be converted, that's why I used the word "potential"
If the remaining notes expire at the end of Feb. (I cannot be bothered checking) they will have to be repaid with interest or converted by the holder at his/her discretion, either way it's a lot $ to come up with or a lot of shares to be issued.
The holders may have no choice but to convert if ESN don't have or cannot get the funds to repay them.

If the 200m options are converted it will put $25k per 25m into the kitty that could go towards note repayment, fees or other working capital then add 200m shares to the register.
These shares (converted options or converted notes)
could then be put on market and sold at >=$00.001 to break even or return a quick profit, assuming there are any buyers. The same can apply for the notes, if converted.

Maybe a positive spin ann. is about to be released?

Committed revenue, surely if the committed revenue has been received there should/would be an ann. (it would be a significant mile stone?)
Seeing they announced "First significant (committed) revenue (due in Jan-2015)" in early December one would expect a follow up ann. in Jan. to inform the market of delays or progress?

Is the committed revenue recurring or one off?
Has the government hand out stopped?