" The Coventry Note is convertible into common stock, subject to Rule 144, at any time after the issue date, at 50% of the lowest closing bid price (subject to a $0.004 ceiling price) "
"At any time after the issue date", not maturity date, so no, not in one year
AND the price it's supposed to be converted for is 50% of the lowest closing bid price, lowest PPS allowed being $.004
May 2017 is the last possible day they can convert, not the day they're allowed to convert
It's due upon issue
This is just a warning shot
Titanic has hit the iceberg
Get yer life rafts while they last!