Friday, September 21, 2018 7:20:02 AM
The Note is convertible at the option of the Lender at a conversion price of $0.08 per share into shares of the Company’s common stock. If there is a maturity default as such term is defined under the Note, the conversion price under the Note shall be adjusted to be equal to the lower of: (a) $0.08 or (b) 65% of the lowest trading price of the Company’s common stock during the 15 consecutive trading days prior to the date on which Lender elects to convert all or part of the Note.
The Company agreed to use the proceeds from the Note as follows: (1) $120,000 for general and administrative expenses and (2) $33,000 for outstanding payables. In connection with the Note, the Company caused its transfer agent to reserve 19,775,530 shares of the Company’s common stock, in the event that the Note is converted.
The foregoing description of the Note is only a summary of the material terms of the Note does not purport to be complete, and is qualified in its entirety by reference to the Note a copy of the form of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
10.1 Form of $550,000 Promissory Note issued September 14, 2018.
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