If it wasnt a waste of money i dont know what is. So lets go...

If it wasnt a waste of money i dont know what is.

So lets go through the scenarios.

Back in December they had two debts. Track loan and the note. There was no way they would be able to pay off the track loan by due date without a CR with the monthly repayment of the note.

So what did they do? They extended the track loan by one year, which was fine.

But they also raised money and used it to pay off the track loan BEFORE the original due date.

The proper thing to do was to do one or the other. Not both. You mentioned it yourself.
At a guess. at the time they extended the track loan they already had a plan for the CR.

So either they wasted money in extending the track loan (interest penalty), or they unnecessarily diluted shares so they can be seen as deleveraging or derisking whatever you call it.

You have defended the company for so long and like you i am also very very heavily invested in the company, i dont blindly accept or agree with some of their actions.