Grapefruit USA Inc (GPFT): In default on most recent debt issued...

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stockmasterflash

Re: stockmasterflash post# 52968

Friday, 08/12/2016 9:13:59 AM

Friday, August 12, 2016 9:13:59 AM

In default on most recent debt issued

As of June 30, 2016

""During 2016, the Company issued promissory notes in the aggregate amount of $165,000. These notes bear interest at 10% per annum and are due on October 26, 2016. These notes are secured by substantially all assets of the Company. The convertible promissory note is convertible into shares of the Company’s common stock at a rate equal to $0.01 per share, subject to downward adjustments for future equity issuances. In connection with these convertible promissory notes, the Company issued warrants to purchase 30,000,000 shares of common stock at an exercise price of $0.01 per share, subject to downward adjustments for future equity issuances. The warrants have a term of 7 years from the date of issuance. The Company is in default under the terms of these notes.""

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