These were previously options that expired worthless. But the...

These were previously options that expired worthless. But the company invented a creative way to extend the options so they structured a facility which is now called ELF.

Basically the company lend money (which they didnt have) to the option holders who wished to participate on the proviso the option holders repay the company interest, as well as the value of the options.

So in effect, the options were indirectly and "legally" converted and became shares but are currently held in escrow - until the debt has been repaid by participating shareholders.