“On April 27, 2018, we received $125,000 in financing from investor Alain Salem under a Convertible Promissory Note (the “Note”). The Note bears interest at a rate of twelve percent (12%) per year, and is due in six months. The Note is convertible to shares of our common stock at a price equal to 50% of the market price. Market price for purposes of the Note is defined as the average of the two lowest trading prices for our common stock in the twenty trading days preceding the conversion date. Conversions by the noteholder are limited such that no conversion may be made to the extent that the shares held by the noteholder following the conversion would exceed 9.99% of our issued an outstanding common stock.
In the event of our default under the Note, the balance due will accrue interest at a rate of twenty-four percent (24%) per year and the conversion discount from market price will increase by 5% for so long as the default is continuing. In addition, our failure to timely deliver conversion shares to the noteholder within two business days of a conversion notice will result in daily penalties of $3,000 for each day the delivery remains delinquent.”
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