turd and the endless notes
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Tangiers Note
On August 7, 2015, the registrant Peer to Peer Network ("Company") sold a 10% Convertible Promissory Note ("Tangiers Note") to Tangiers Investment Group, LLC ("Tangiers") in the principal amount of up to $110,000. The payment tranches of the Tangiers Note mature in one year from respective funding. The Tangiers Note carries a 10% original issue discount. On August 10, 2015 the Company received $27,500 initial payment of the principal from Tangiers, less $2,750 in original discount, so that the Company realized net proceeds of $25,000. The Tangiers Note accrues interest at 10% annually and is convertible into shares of Company common stock at a price equal to the lower of 50% of the lowest trading price during the twenty (20) trading days prior to the date of conversion, or 50% of the lowest trading price during the twenty (20) trading days prior to August 7, 2015. The Tangiers Note carries certain covenants, piggyback registration rights, anti-dilution rights, default rights and redemption rights, all as discussed therein. A copy of the Tangiers Note is attached hereto as Exhibit 10.1.
JMJ Note
On July 29, 2015, the Company sold a $150,000 Convertible Note ("JMJ Note") to JMJ Financial, a Nevada sole proprietorship ("JMJ") in the principal amount of up to $150,000. The payment tranches of the JMJ Note mature in one year from respective funding. The Tangiers Note carries a 10% original issue discount. The Company received $27,500 initial payment of the principal from JMJ, less $2,750 in original discount, so that the Company realized net proceeds of $25,000. If the JMJ Note is repaid in full within 90 days of issuance there is 0% interest, if it s not, then a one-time 12% interest charge is applied to the principal. The JMJ Note is convertible into shares of Company common stock at a price equal to the lower of $0.002 or 60% of the lowest trading price during the twenty-five (25) trading days prior to the date of conversion. The JMJ Note carries certain covenants, piggyback registration rights, anti-dilution rights, and default rights, all as discussed therein. A copy of the JMJ Note is attached hereto as Exhibit 10.2.
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