today's the day, page-53

Yes WC I think you read it correctly.
All the conversion terms appear to come into effect after the initial anniversary of the note issue at which point (if I understand correctly?) the issuer has the option to convert to shares (within 30 days and at a 15% discount). If they choose not to the company can pay back in cash.
However if the share price drops to 5 cents and the issuer wants to convert to shares then the company can elect to repay in cash (within 21 days).
The only part that might contradict is the reference to 30 days after company financial statements. I think it reads "and", not "and/or" but then I am struggling to understand its significance - it seems to me superfluos?