J. Christopher Mizer, President and CEO of IFAN Financial commented, "Our mBeaconPay and M2 represent one of the most versatile technologies in our industry. This technology is suitable for small to large scale retail operations, basically any business-to-consumer entity where the company take payments from the customer using any global currency, including Bitcoin and other virtual currencies. It integrates seamlessly with our PayX platform, offering flexible form factors, including white label and flexible power options, and is plug and play with point-of-sale terminals, while supporting multiple enterprise applications."
Mizer added, "The future is cashless, and we already see this in several of the smaller economies in Europe. There are over 35,000 beacon deployments in Denmark and Norway, with $28 billion in transactions processed. Combined the GDP of both nations is $847 billion, about half of which is consumer spending. This means that beacons are already handling about 5% of consumer spending there already. We look forward to demonstrating the versatility of our platform as we announce further commercial contracts that will utilize the mBeaconPay and M2 technology."
ITEM 1.01 - Entry into a Material Definitive Agreement
On May 1, 2017, IFAN Financial, Inc., a Nevada Corporation (the “Company”) entered into and closed a securities purchase agreement with an accredited investor, pursuant to which the Company issued, sold to the investor a convertible promissory note in the principal amount of $100,000 (the “Investment Note”) for a purchase price of $100,000. The Investment Note is convertible into the Company’s common stock at a conversion price equal to 55% of the lowest closing bid price of the common stock for the thirty trading days prior to conversion. Repayment of the Investment Note is due one year from the date of issuance. The Investment Note accrues interest at the rate of 10% per year, due at maturity. The Company may prepay the Investment Note, upon five days written notice and subject to the optional prepayment amount of 130% multiplied by the then outstanding balance on the Investment Note. The Company is using these proceeds to pay its outstanding balances to its service providers, such as its auditor and bookkeeper, which will allow the Company to move towards becoming current with its SEC filings again and continue to proceed with its business plan.
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