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Alias Born | 04/15/2008 |
Wednesday, August 16, 2017 4:16:47 PM
From 10-K on Monday
On July 24, 2017, the Company entered into a Funding Agreement with RAB
Investments AG, a current lender and stockholder located in Zug, Switzerland,
which is intended to provide necessary funding towards the initial production of
our Offender Alert Passive Scan. The Funding Agreement calls for RAB to fund a
minimum of $50,000 to a maximum of $150,000 on a "best efforts basis," with a
first tranche of $25,000 to be completed during August 2017. In exchange for the
funds, DTIC will issue convertible notes that may be converted into common stock
of the Company at a discount of 25%, based on the 10-day average trading value
of Company shares at the time of the initial conversion. The notes may be
converted at any time, in whole or partially, but all conversions must be at the
same rate as the initial conversion.
No funding has been provided as of the date hereof and there is no assurance
that funds will be provided by the anticipated initial first tranche during
August 2017, or thereafter. The Company does not intend to file a registration
statement for the convertible notes or any shares of the Company's common stock
to be issued upon conversion of the notes. Any securities issued pursuant to the
Funding Agreement or conversion of the notes will be considered restricted
securities.
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