I expect, after 6 months have passed the Note Holder will convert it into shares. Severe penalties will apply if Pervasip is no longer a fully reporting company at that date. By-the-by, PVSP became delinquent in its SEC filings last week, when its NT 10-Q expired. Here are the terms of the Convertible Note with Diamond Remark, Inc, http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10202833 DIAMOND REMARK, INC. 1 Linden Place Great Neck, NY 11021