Well one would think so, but read the filing, it's not that simple, they even give an example of it converting with the commons at .02, in which case it converts to 274,491,461 commons.
" Upon completion of the Merger, there were 450,099,879 shares of the
Company's common stock issued and outstanding. In addition, there were 1,458,236
shares of Series C Convertible Preferred Stock issued and outstanding, which
could be converted into 274,491,461 common shares at the market price of $.02 1/2 on October 1, 2007. In addition, there were 100,000 shares of Series B
Preferred Stock issued and outstanding, which could be converted into 80% of the
outstanding common stock.
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