Sunday, June 05, 2016 11:19:28 PM
Item 1.02. Termination of a Material Definitive Agreement.
On September 23, 2015, Textmunication Holdings Inc. (the “Company”) completed the requirements of a note repayment agreement (the “Agreement”) that retired in full a $64,000 convertible promissory note (the “Note”) issued on February 27, 2015. The Note bore interest at a rate of 8% per annum and was convertible into shares of the Company’s common stock at a price that was a 55% discount to a defined market price. The Note required a 50% premium to its face value to retire with a cash payment. Under the terms of the Agreement, the Company paid the Note holder an aggregate amount of $91,144.60 by remitting cash payments of $76,144.60 and issuing 1,685,393 shares of its common stock, valued at $15,000.
The Note holder is paid in full and can no longer convert the Note into shares of the Company’s common stock.
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