ENTRY INTO A DEFNITIVE AGREEMENTS
On March 5, 2018 the Registrant entered into a Securities Purchase Agreement with Power Up Lending Group, LTD (“PUL”) providing for the purchase of a Convertible Promissory Note (the “Note”) in the principal amount of $33,000 bearing interest at the rate of 12% per annum. The Registrant receiving net proceeds of $27,500.
The PUL Note bears interest at the rate of 12% per annum. All interest and principal must be repaid on or before December 15, 2019. The PUL Note is convertible into common stock, at PUL's option, at a 39% discount to the average of the twenty lowest closing prices of the Registrant’s common stock during the 20 consecutive trading days prior to conversion.
