Resonate Blends Inc (KOAN)

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SECTION 8 – OTHER EVENTS

Item 8.01 Other Events

On September 9, 2015, we entered into a convertible promissory note pursuant to which we borrowed $50,000. Interest under the convertible promissory note was 8% per annum, and the principal and all accrued but unpaid interest was due on June 7, 2016. The note was convertible at any time following the issuance date at noteholders option into shares of our common stock at a variable conversion price of 50% of the lowest day market price of our common stock during the 10 trading days prior the date of the notice of conversion.

On March 17, 2017, Textmunication Holdings, Inc. and the noteholder reached a settlement agreement. The first payment will be wired to the noteholder on March 17, 2017. The second and final tranche is due no later than March 31, 2017. Once this second payment is received, the note will be paid in full and eliminated.