Monday, October 08, 2018 5:32:03 PM
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.
Recent INQD News
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 09/04/2024 06:49:54 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 07/15/2024 09:22:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/01/2023 07:35:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/10/2023 01:00:16 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM