Document:

Exhibit 10.1

                         CORNELL CAPITAL PARTNERS, L.P.
                          101 HUDSON STREET, SUITE 3700
                          JERSEY CITY, NEW JERSEY 07302

                                  May 22, 2007

                              CONVERTIBLE DEBENTURE

Poseidis, Inc.
222 Lakeview Avenue, Suite 160
West Palm Beach, FL  33401
Attn: Louis Pardo, CEO & President
      John J. McGovern, EVP & CFO

      Cornell Capital Partners, L.P. (the "Investor") financed Poseidis, Inc.
(the "Company") using three (3) Secured Convertible Debentures: (1) $150,000
Secured Convertible Debenture (Date of Issuance: 8/26/05 as amended)
(#CCP-001aa), (2) $150,000 Secured Convertible Debenture (Date of Issuance:
10/24/05 as amended) (#CCP-002a), (3) $344,000 Secured Convertible Debenture
(Date of Issuance: 2/1/06) (#CCP-003) (collectively, the "Debentures"). The
conversion prices for the Debentures are currently set at $0.04 per share.

      In addition, five (5) sets of warrants are outstanding and addressed by
this letter agreement: (1) Warrant to Purchase 1,250,000 Shares (Date of
Issuance: 8/26/05) (#CCP-001) (Debenture), (2) Warrant to Purchase 500,000
Shares (Date of Issuance: 2/1/06) (#CCP-002) (SEDA), (3) Warrant to Purchase
3,750,000 Shares (Date of Issuance: 2/1/06) (#CCP-003) (Debenture), (4) Warrant
to Purchase 1,250,000 Shares (Date of Issuance: 2/1/06) (#CCP-004) (Debenture),
(5) Warrant to Purchase 1,200,000 Shares (Date of Issuance: 2/1/06) (#CCP-005)
(Debenture) (collectively the "Warrants"). A sixth warrant, which entitles the
Investor to purchase 9,000,000 Shares (Date of Issuance: 2/1/06) (#CCP-006)
(SEDA), is not amended hereby.

      The Company is currently under default based upon various terms of the
Debentures and Warrants, and the related agreements pertaining to the above
transactions (the "Existing Defaults"). In the interest of all parties, the
Investor and the Company desire to, and do hereby, restructure these contracts
as stated herein and further desire to, and do hereby, cure such defaults and do
hereby waive and release any and all default-related liquidated damages, penalty
interest, late fees and other penalties of any kind through and including the
date hereof. The Debentures and Warrants are hereby amended as set forth below
upon the execution of this agreement.

COMPANY                             Poseidis, Inc. (PSED) (the "Company").
<PAGE>

May 22, 2007
Page 2 of 6

INVESTOR                            Cornell Capital Partners, L.P. (the
                                    "Investor").

DEBENTURES                          Parties hereby amend the Debentures defined
                                    above with the following terms.

COUPON                              15% per annum, effective as of the date
                                    hereof, payable on the Maturity Date (as
                                    defined below).

PRINCIPAL                           Payable in full at the Maturity Date.

MONTHLY PAYMENTS                    The Company shall not be required to make
                                    any of the monthly payments set forth in the
                                    Debentures.

CONVERSION PRICE                    $0.04, subject to adjustment as provided in
                                    the Debentures (the "Fixed Conversion
                                    Price").

MATURITY DATE                       September 1, 2007 (the "Maturity Date"). At
                                    the Maturity Date, Company shall pay
                                    principal and interest. In addition, the
                                    Investor shall have the option to extend the
                                    Maturity Date one (1) year on the same terms
                                    as stated herein.

COMPANY OPTIONAL REDEMPTION RIGHT   The Company, in its sole discretion, may
                                    redeem in cash any and all amounts owed
                                    under the Debentures prior to the Maturity
                                    Date by providing the Investor with three
                                    (3) business days advance notice, PROVIDED
                                    that (i) the Common Stock is trading below
                                    the Fixed Conversion Price at the time of a
                                    redemption notice, (ii) no Event of Default
                                    (as defined in the Debentures) has occurred,
                                    and (iii) the Company has been relisted to
                                    the OTC Bulletin Board or other exchange
                                    acceptable to the Investor. The Company
                                    shall pay a redemption premium equal to
                                    twenty percent (20%) of the principal amount
                                    being redeemed (the "Redemption Premium").

FUTURE FINANCING                    If the Company receives $5 million or more
                                    in subsequent financing prior to the
                                    Maturity Date, the Company shall repay the
                                    Debentures by paying principal and interest
                                    at Investor's option.

COVENANTS OF THE COMPANY            The Company shall obtain an opinion of
                                    counsel indicating that the Investor may
                                    tack on its original holding period to the
                                    holding period of the Debentures and
                                    Warrants amended in this transaction.

                                    The Company shall get current in all its
                                    reporting requirements with the SEC by
                                    August 15, 2007.

                                    The Company shall cause the process to
                                    obtain re-listing on the OTC Bulletin to be
                                    commenced promptly after the Company's SEC's
                                    reports are brought current, and such
                                    re-listing process shall be commenced no
                                    later than September 1, 2007. The Company
                                    shall use its best efforts to cause the OTC
                                    Bulletin Board re-listing process to be
                                    completed as soon as is reasonably possible.
<PAGE>

May 22, 2007
Page 3 of 6

                                    All amounts owed, together with interest
                                    accrued and accruing thereon, and fees,
                                    costs, expenses and other charges
                                    (collectively, the "OBLIGATIONS") now or
                                    hereafter payable by the Company to Cornell
                                    under the Debentures are unconditionally
                                    owing by the Company to Cornell, without
                                    offset, setoff, defense or counterclaim of
                                    any kind, nature or description whatsoever.

COVENANTS OF THE INVESTOR           In reliance upon the representations,
                                    warranties and covenants of the Company
                                    contained in this letter agreement, and
                                    subject to the terms and conditions set
                                    forth herein, Cornell hereby waives on a
                                    one-time basis only the Existing Defaults
                                    and further hereby agrees to forbear from
                                    exercising its rights and remedies under the
                                    Debentures or related agreements or
                                    applicable law in respect of or arising out
                                    of the Existing Defaults (including without
                                    limitation any and all liquidated damages,
                                    penalty interest, late fees, and other
                                    penalties of any kind), subject to the
                                    conditions, amendments and modifications
                                    contained herein for the period (the
                                    "FORBEARANCE PERIOD") commencing on the date
                                    hereof and continuing for so long as the
                                    following conditions are met: (i) the
                                    Company strictly complies with the terms of
                                    this letter agreement (including the
                                    covenants of the Company set forth above),
                                    and (ii) there is no occurrence or existence
                                    of any Event of Default, other than the
                                    Existing Defaults.

SECURITY                            The Debentures shall be secured by all of
                                    the following:

                                    (i)   The assets of the Company

                                    (ii)  Any and all assets of the
                                          Company pledged at the time of
                                          the previous funding and

                                    (iii) A pledge of Common Stock which
                                          is already in escrow.

                                    The Company hereby acknowledges, confirms
                                    and agrees that Cornell has and shall
                                    continue to have valid, enforceable and
                                    perfected first-priority liens upon and
                                    security interests heretofore granted
                                    pursuant to any and all security agreements
                                    or otherwise granted to or held by Cornell
                                    in connection with the Debentures and
                                    related agreements.
<PAGE>

May 22, 2007
Page 4 of 6

WARRANTS                            Warrants are hereby adjusted using the
                                    following prices:

                                    (1)  Warrant to Purchase 1,250,000 Shares
                                         (CCP-001) - exercise price is hereby
                                         changed from $0.09 to $0.02

                                    (2)  Warrant to Purchase 500,000 Shares
                                         (CCP-002) - exercise price is hereby
                                         changed from $0.09 to $0.06

                                    (3)  Warrant to Purchase 3,750,000 Shares
                                         (CCP-003) - exercise price is hereby
                                         changed from $0.06 to $0.02

                                    (4)  Warrant to Purchase 1,250,000 Shares
                                         (CCP-004) - exercise price is hereby
                                         changed from $0.09 to $0.06

                                    (5)  Warrant to Purchase 1,200,000 Shares
                                         (CCP-005) - exercise price is hereby
                                         changed from $0.20 to $0.10.

                                    The Warrants shall be exercised on a cash,
                                    or cashless basis, at the option of the
                                    Investor. Investor may also tack back the
                                    Warrants to the original purchase date.

WAIVER EXTENSION                    The Waiver Period under the waiver letter
                                    agreement between Investor and the Company
                                    dated December 11, 2006 is hereby extended
                                    through and including June 30, 2007 from the
                                    previous expiration date of February 28,
                                    2007.

ANTI-DILUTION                       Existing anti-dilution clauses shall remain
                                    in effect and unchanged, subject to the
                                    December 11, 2006 waiver letter agreement
                                    and as stated herein.

REGISTRATION RIGHTS                 The Investor does not seek registration
                                    rights on any existing securities. All
                                    previously existing registration rights
                                    shall terminate as of the date hereof, and
                                    the Company may withdraw the existing SB-2
                                    registration statement or amend it after the
                                    date hereof to remove all Cornell-related
                                    shares therefrom.

                                    However, any event of default not cured
                                    after written notice and expiration of any
                                    applicable cure period shall trigger
                                    registration rights defined below. All of
                                    the shares issuable pursuant to and
                                    underlying the Debentures and the Warrants
                                    (collectively, the "Registrable Securities")
                                    shall be subject to registration rights
                                    pursuant to which the Company shall file an
                                    initial registration statement to register
                                    the resale of the shares by the Investor
                                    within 45 days of the expiration of the
                                    default cure period and use its best efforts
                                    to have such registration statement declared
                                    effective within 120 days of the expiration
                                    of the default cure period. The initial
                                    registration statement shall include 33% of
                                    the public float. To the extent that
<PAGE>

May 22, 2007
Page 5 of 6

                                    additional Registrable Securities remain
                                    outstanding after all shares under the
                                    initial registration statement have been
                                    sold, the Company shall be required to file
                                    additional registration statements for such
                                    shares within 45 days of the Investor
                                    providing written notice to the Company.
                                    Registrable Securities shall cease to have
                                    registration rights as they are eligible for
                                    sale by the Investor without restriction
                                    under Rule 144(k). The initial registration
                                    and any additional registration statement as
                                    referred to herein may include shares to be
                                    sold for the Company's account and/or shares
                                    to be sold by non-Investor third party
                                    seller stockholders with consent of
                                    Investor.

DEFAULT                             Upon an Event of Default under the
                                    Debentures, the Debentures' conversion price
                                    shall be changed to the lower of the
                                    applicable Fixed Conversion Price or 80% of
                                    the lowest volume weighted average price
                                    reported by Bloomberg ("VWAP") during the
                                    five trading days prior to the conversion.

                                    A default of any terms of this letter
                                    agreement shall constitute an Event of
                                    Default under the Debentures.

COMPANY'S CONDITIONS                The transactions described herein are
                                    subject to approval by the Company's Board
                                    of Directors.
<PAGE>

May 22, 2007
Page 6 of 6

      If the terms and conditions of this letter agreement are satisfactory,
please sign as indicated below.

                                                  Sincerely,

                                                  CORNELL CAPITAL PARTNERS, L.P.

                                                  By: Yorkville Advisors, LLC
                                                  Its: Investment Manager

                                                  By:    /S/ MARK ANGELO
                                                         -----------------------
                                                  Name:  Mark Angelo
                                                  Title: Portfolio Manager

AGREED TO AND ACCEPTED:

By:    /S/ JOHN J. MCGOVERN
       --------------------
Name:  JOHN J. MCGOVERN
Title  EVP & CFO

Dated: May 22, 2007Exhibit 10.2

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS
THE COMPANY (AS DEFINED BELOW) HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL AND FROM
ATTORNEYS REASONABLY ACCEPTABLE TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.

                           NOTE MODIFICATION AGREEMENT

      THIS AGREEMENT ("Agreement") dated as of this 15th day of May, 2007 by and
between PORTFOLIO LENDERS II, LLC, (the "Holder"), and POSEIDIS, INC. (the
"Company"). The Holder and the Company shall be collectively referred to in this
Agreement as the "Parties".

      WHEREAS, the Company executed to Holder a promissory note in the principal
amount of $250,000 on May 12, 2006 having an interest rate of 15% per annum
based on a 360-day year (the "Note");

      WHEREAS, the Company has defaulted on its obligation to repay the
principal and accrued but unpaid interest in full by October 31, 2006; and

      WHEREAS, the Holder and the Company have agreed to extend and restructure
the payment terms on the Note as set forth below.

      NOW, THEREFORE, in consideration of the sum of SEVEN THOUSAND FIVE HUNDERD
DOLLARS AND 00/100 ($7,500.00) and other good and valuable consideration,
including the mutual covenants and undertakings contained herein, the Parties do
hereby agree as follows:

      1. PRINCIPAL AND INTEREST.

      As of May 15, 2007, the Company owes Holder the principal amount of
$250,000 and accrued and unpaid interest of $28,958. The Company and Holder
agree and acknowledge that the accrued interest shall be added to the principal
balance, so that as of May 15, 2007 the outstanding principal amount of the Note
is agreed to be $278,958. The Company shall not be required to make any payments
of principal or interest on the Note for sixty (60) days from the date hereof,
provided, however, that interest for the months of May and June shall continue
to accrue on the outstanding principal amount at the rate of 15% per annum based
on a 360-day year. The parties agree and acknowledge that the accrued and unpaid
interest for the next sixty (60) days shall be added to the total outstanding
balance, so that as of July 14, 2007 (the "New Maturity Date"), the total
outstanding balance of $285,932 shall be due and payable to Holder.
<PAGE>

      Notwithstanding the foregoing, all principal and accrued but unpaid
interest shall be immediately due and payable upon the Company's receipt of $3.0
million or more through the sale of the Company's equity securities.

      2. ADDITIONAL CONSIDERATION.

      As additional consideration for modifying the Note as described herein,
the Company hereby agrees to:

            (a) WARRANTS: Issue to the Holder warrants to purchase an additional
      4,000,000 shares of the Company's common stock which shall have an
      exercise price of $0.04 per share (the "$0.04 Warrants") and shall be
      exercisable for a period of five (5) years; and

            (b) CONVERSION RIGHTS: Issue to the Holder the following conversion
      rights with respect to the Note (the "Conversion Rights"). The Holder is
      entitled, at its option, to convert, and sell on the same day, at any time
      and from time to time commencing on the date hereof until the New Maturity
      Date, all or any part of the principal amount of the Note plus accrued but
      unpaid interest, into shares (the "Conversion Shares") of the Company's
      common stock, at a price per share of $0.04 (the "Conversion Price"). No
      fraction of shares or scrip representing fractions of shares will be
      issued on conversion, but the number of shares issuable shall be rounded
      to the nearest whole share. To convert this Note, the Holder hereof shall
      deliver written notice thereof, substantially in the form of Exhibit "A"
      to this Agreement, with appropriate insertions (the "Conversion Notice"),
      to the Company at its address as set forth therein. The date upon which
      the conversion shall be effective (the "Conversion Date") shall be deemed
      to be the date set forth in the Conversion Notice.

      3. SECURITY INTEREST.

      The repayment of this obligation shall be secured by the grant of a
security interest in all of the Company's assets and all the assets of the
Company's subsidiaries, whether now owned or hereafter acquired, subject to the
written consent of Cornell Capital Partners, LP.

      4. ADDITIONAL WARRANTS.

      The Company hereby agrees to issue to the Holder warrants to purchase an
additional 500,000 shares of the Company's common stock with an exercise price
of $0.04 per share (the "Additional Warrants") for every 45 day period following
the New Maturity Date that any balance remains outstanding under the Note for up
to 90 days following the New Maturity Date. Holder shall not demand repayment of
all outstanding principal and accrued but unpaid interest for up to 90 days
following the New Maturity Date so long as the Company delivers the Additional
Warrants every 45 day period following the New Maturity Date that any balance
remains under the Note. The Additional Warrants shall be exercisable for a
period of five (5) years. Interest shall continue to accrue at 15% per annum for
any period of time after the New Maturity Date on any balance that remains
outstanding under the Note. However, as referenced above, all principal and
accrued but unpaid interest shall be immediately due and payable upon the
Company's receipt of $3.0 million or more through the sale of the Company's
equity securities.
<PAGE>

      5. The Note is hereby amended to reflect the provisions contained in
Paragraph 1 through 4 hereof.

      6. The Company warrants and represents to Holder that as of the date
hereof, the Company has no defense, offset or counterclaim concerning the
enforcement of the Note or Holder's rights and remedies thereunder, either in
law or in equity.

      7. This Agreement shall be binding upon the parties hereto and their
successors and assigns.

      8. The Company agrees to pay Holder a $7,500 restructuring fee upon
execution of this Agreement and the Company agrees to pay all costs and expenses
in connection with the preparation, execution and delivery of this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date
first above written.

THE COMPANY:
POSEIDIS, INC.

By: /S/ JOHN J. MCGOVERN
    --------------------------------------------------
    John J. McGovern
    Executive Vice President & Chief Financial Officer

HOLDER:
PORTFOLIO LENDERS II, LLC

By: /S/ THOMAS P. GALLAGHER
    --------------------------------------------------
    Thomas P. Gallagher
    Authorized Officer
<PAGE>

                                    EXHIBIT A

                              NOTICE OF CONVERSION

      (To be Executed by the registered Holder in order to Convert the Note
                      and delivered to the Company at 222
              Lakeview Ave., Suite 160, West Palm Beach, FL 33401)

      The undersigned hereby irrevocably elects to convert $__________ principal
amount of the Note (defined below) into shares of common stock, par value $.0001
per share ("Common Stock"), of Poseidis, Inc., a Florida corporation (the
"Company") according to the conditions of the Note Modification Agreement dated
as of May 1, 2007 (the "Agreement"), as of the date written below. If securities
are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect thereto and is
delivering herewith such certificates. No fee will be charged to the Holder for
any conversion, except for transfer taxes, if any. A copy of the Note is
attached hereto (or evidence of loss, theft or destruction thereof).

      The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable to the undersigned upon conversion of the
Note shall be made pursuant to registration of the securities under the
Securities Act of 1933, as amended (the "Act"), or pursuant to an exemption from
registration under the Act.

            Date of Conversion:___________________________
            Applicable Conversion Price:____________________
            Number of Shares of Common Stock to be Issued Pursuant to
            Conversion of the Note:______________
            Signature:___________________________________
            Name:______________________________________
            Address:____________________________________

      The Company shall issue and deliver shares of Common Stock to an overnight
courier not later than five (5) business days following receipt of the original
Note to be converted.

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