Quad M Solutions Inc (MMMM)

[Baxy]

On April 9, 2021, the Company entered into a Master Senior Loan Agreement (“MSLA”) with BeachStar Partners, LLC as Lender and Administrative Agent. Pursuant to the MSLA, the Company borrowed the initial sum of $4,200,000, which sum has been received by the Company in full and is repayable as the greater of a set monthly sum or a percentage of monthly premiums received by the Company. The MSLA is not convertible to the Company’s stock unless in the event of a material uncured default of the MSLA. The MSLA further provides for additional incremental loans in tranches of $1,000,000 per every 500 insured lives added by the Company, up to a maximum of 65,000 insured lives, or $130,000,000.

 

During April, 2021, the Company paid existing convertible notes in the amount of $754,319 and Series N Convertible Preferred Stock in the amount of $136,933