Will data loss as no synchronize during P2V ?

Hi,

We are using Converter Standalone 5.5.2 and running a P2V for a Physical Machine.  And we are shrinking the size of a HD (running SQL Server Database) as our SAN is running out of space and thus synchronization cannot be enabled.

We would like to seek your advice

1) The state of HD on the Virtual Machine is the one when we start the P2V process ?

2) All changes to SQL Server database between the P2V process will be lost ?

Would it be better if perform a Cold Clone in this situation ?

Thanks