The settlement agreement terms settle the outstanding convertible note for $40,000
The interest rate reverts to the original 10% from the convertible note
and the conversion rate reverts to the 50% discount rate.
Additional terms include a leak out agreement specifying that in the event of any conversion
EMA agrees to sell up to 15% of the average daily value of the Company’s common stock.
No conversions have been executed on the settlement agreement.
On August 13th, 2018, Bigfoot Project Investments
entered final negotiations with a merger candidate after presented with financials showing 3 million in gross revenue for 2017 and year to date 2018 gross revenue of 3.7 million.
Once the terms are finalized the Companies will be executing a Letter of Intent and entering into the due diligence process to determine final terms on the merger.
In connection with the foregoing, the Company relied upon the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended, for transactions not involving a public offering.
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