Amfil Technologies Inc (FUNN)

[BubbaInSC]

Non-Convertible Promissory Note with 5% Interest

No specific terms of the Promissory Note was provided; in terms of amount, payment terms, length of time.

FUNN also revealed absolutely zero financials on Roll With It - which is always a red flag for me. They very well could be losing money - or was on the way to bankruptcy.



https://www.otcmarkets.com/stock/FUNN/news/Snakes--Lattes-Inc-Acquires-A-New-Brick--Mortar-Location-In-Virginia-Beach-Virginia?id=393691

Snakes & Lattes Inc. financed the acquisition through non-convertible promissory notes with a 5% interest rate and friendly repayment terms. The notes do not have a convertible feature and no common stock was associated with the financing.

https://www.investopedia.com/terms/p/promissorynote.asp

What Is a Promissory Note?

A promissory note is a written and signed promise to repay a sum of money in exchange for a loan or other financing. A promissory note typically contains all the terms involved, such as the principal debt amount, interest rate, maturity date, payment schedule, the date and place of issuance, and the issuer's signature.

Although financial institutions may issue them—for instance, you might be required to sign a promissory note to take out a small personal loan—promissory notes also allow companies and individuals to get financing from a non-bank source. This source can be an individual or a company willing to carry the note (and provide the financing) under the agreed-upon terms. In effect, promissory notes can enable anyone to be a lender.
Key Takeaways

A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.
A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature.
In terms of their legal enforceability, promissory notes lie somewhere between the informality of an IOU and the rigidity of a loan contract.

they paid CASH!!! $FUNN didn't pr an LOI...they prd a signed deal!!!