Did they actually convert or is this a notice to say they can in...

Did they actually convert or is this a notice to say they can in the future?

"All of the shares of the Issuer’s common stock (“Common Stock”) beneficially owned or that may be deemed to be beneficially owned by the reporting person are issuable upon conversion of the Issuer’s 6% Senior Secured Convertible Note Due 2023 (the “Convertible Note”) held by the reporting person. The number of shares of Common Stock issuable upon conversion of the Convertible Note is subject to adjustment pursuant to the terms of the Convertible Note, which terms are described in the Issuer’s Current Report on Form 8-K filed on February 22, 2016"