Info for newbies;
The total consideration for the purchase of all of the SS membership interests, the $127,500 as defined below (the “ Consideration ”).
Payment of Consideration . The Structure of the purchase price and payments is as follows:
(a) MEG paid a non-refundable $12,500 deposit at the date of the executed Letter of Intent on November 11, 2017.
(b) 1,175 Shares of Preferred B Stock were issued at closing. Each MEG Preferred B share carries voting and conversion rights equal to 1,000 shares of MEG common stock.
(c) MEG issued a Note Payable with a face amount of $100,000 payable in 24 equal monthly payments beginning 90 days from acquisition closing. The Note Payable bears interest at 6% per annum.
(d) MEG issued an interest-free Note Payable for $15,000) which is due and payable nine months from the closing date of this transaction.
(e) MEG and Seller agreed on a management consulting agreement the terms of which have yet to be determined.
(e) Seller allowed MEG to utilize existing merchant processing accounts until March 1, 2018 in exchange for $30,000 added to Seller’s reserve balance in his personal merchant processing accounts, which shall be paid through Skin Scientific LLC existing marketing and selling channels to Seller ahead of any payments made or reserves accrued on behalf of MEG.
(f) On January 3, 2018, MEG took assignment of the Skin Scientific LLC American Express $200,000 working capital credit line from previous seller.
