ProElite, Inc. (fka PELE)

[Lighthouse]

Anyone catch this from the smdi 8k...

Blech could turn out to be a much larger shareholder than 4.99%.

“ Total Exercisable Number of Shares ” means the Initial Exercisable Number of Shares, provided, however, that if the entire amount due and owing under the Promissory Note is not paid in full by the Maturity (as defined therein), the “Total Exercisable Number of Shares” shall increase by 41,392,000 additional shares of Common Stock, and shall increase again by 41,392,000 additional shares of Common Stock every successive thirty (30) days thereafter until the entire amount due and owing under the Promissory Note is paid in full.

If he doesn't get paid back on time he could own olot of pele....