You're right. Page 17 of the last 10q:
On March 31, 2015, the Company entered into an agreement with an lender whereby the lender loaned a principal sum of $40,000. Upon signing, the Company received $36,500 in cash and paid fees of $3,500, recorded as a debt discount. The maturity date is March 31, 2016 and the interest rate from the date of borrowing is 10% per annum. If the note is unpaid by maturity the interest rate becomes 24% per annum thereafter. The note and any accrued unpaid interest are convertible into common shares of the Company 180 days after the issuance of this Note. The conversion price is 60% of the lowest trading prices of the 40 trading days prior to the conversion.
So..... expect a dump of $40000/(60%of.0008) = 83m shares tomorrow?
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