Can you explain this filing to me if I'm reading it wrong?
Item 1.01 Entry into a Material Definitive Agreement
On December 31, 2008, Mr. Larry Weinstein, signed a promissory note for $150,000 for Executive Compensation that was owed and due for the year of 2008.
On December 31, 2009, Mr. Larry Weinstein, signed a promissory note for $150,000 for Executive Compensation that was owed and due for the year of 2009.
On December 31, 2010, Mr. Larry Weinstein, signed a promissory note for $150,000 for Executive Compensation that was owed and due for the year of 2010.
3. Conversion .
3.1 Voluntary Conversion . In the event that the Note is not paid prior to the Demand Date, the Holder shall have the right thereafter, exercisable in whole or in part, to convert the outstanding principal and bonus payment hereunder into a number of fully paid and non-assessable whole shares of the Company's $0.001 par value common stock ("Common Stock") determined in accordance with Section 3.2 below.
3.2 Shares Issuable . The number of whole shares of Common Stock into which this Note may be voluntarily converted ("Conversion Shares") shall be determined by dividing the aggregate principal amount borrowed hereunder by $0.0001 (the “Note Conversion Price”).
3.3 Notice and Conversion Procedures . If the Holder elects to convert this Note, the Holder shall provide the Company with a written notice of conversion setting forth the amount to be converted. The notice must be delivered to the Company together with this Note. Within twenty (20) business days of receipt of such notice, the Company shall deliver to the Holder certificate(s) for the Common Stock issuable upon such conversion and, if the entire principal amount hereunder was not so converted, a new note representing such balance.
3.4 Other Conversion Provisions .
(a) Adjustment of Note Conversion Price . In the event the Company shall in any manner, subsequent to the issuance of this Note, approve a reclassification involving a reverse stock split and subdivision of the Company’s issued and outstanding shares of Common Stock, the Note Conversion Price shall forthwith be adjusted by proportionately increasing the Note Conversion Price on the date that such subdivision shall become effective. In the event the Company shall in any manner, subsequent to the issuance of this Note, approve a reclassification involving a forward stock split and subdivision of the Company’s issued and outstanding shares of Common Stock, the Note Conversion Price shall forthwith be adjusted by proportionately decreasing the Note Conversion Price on the date that such subdivision shall become effective.
(b) Common Stock Defined . Whenever reference is made in this Note to the shares of Common Stock, the term "Common Stock” shall mean the Common Stock of the Company authorized as of the date hereof, and any other class of stock ranking on a parity with such Common Stock. Shares issuable upon conversion hereof shall include only shares of Common Stock of the Company.
3.5 No Fractional Shares . No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to the Holder upon the conversion of this Note, the Company shall pay to the Holder the amount of outstanding principal hereunder that is not so converted.
Does this mean he can convert at .0001 a total of 150k x 3 =450 k which is billions of shares?
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