Verus International Inc (VRUS)

[DewmBoom]

Another $312,500 Due on 9/29 for Accredited Investor: This payment may be reduced to $245,000 because the Accredited Investor agreed to act as a distributor to sell BLF and get $67,421 from sold inventory.

On July 20, 2020, Verus International, Inc. (the “Company”) and its wholly owned subsidiary Big League Foods, Inc. (“BLF”) entered into a letter agreement (“Agreement”) with an accredited investor to extend the maturity date of the March 31, 2020 promissory note in the principal amount of $312,500 (the “Note”), which matured on July 1, 2020. The maturity date was extended ninety (90) days to September 29, 2020.

Additionally, the Agreement provides that BLF will sell certain of its inventory (“Purchased Inventory”) to the accredited investor as an approved Distributor and that the accredited investor will make certain invoice payments to BLF vendors. Upon the sale of Purchased Inventory by the accredited investor, the accredited investor will retain the first $67,421.50 of proceeds and then apply future proceeds on a per case amount, as specified within the Agreement, as a reduction of the outstanding Note balance. Any remaining Note balance will be due and payable by the Company upon maturity of the Note.