This might be a sign of their tenuous financial position BC. They took financing from "Quick Capital" amid all the flurry of hundreds of millions share conversions in just a few months. Why do they need to take out financing akin to a "Payday" loan for general corporate purposes? They apparently needed it quickly to agree to such terms. You could argue that the note is a "secured" loan since it is backed by shares with attractive conversion terms if it defaults. There has been a lot of money pass through this tiny company of 19 employees over the last year. It doesn't pass the smell test and is a red flag in my opinion. You talked about a private placement deal, this one would have been great. I would have loaned them the 100K for those terms. LOL
On January 25, 2021, pursuant to the terms and conditions of a Note Purchase Agreement, the Company issued a Convertible Promissory Note (the “Quick Capital Note”) in the aggregate principal amount of $114,500, and received gross proceeds of $100,000 from the lender, Quick Capital, LLC (“Quick Capital”). The proceeds will be used for general corporate purposes. The Quick Capital Note (i) has a one-time interest charge of five percent (5%); (ii) is due and payable 90-days from issuance; and, (iii) can be converted into shares of the Company’s common stock upon an event of default, at a conversion price equal to the lesser of: (a) $0.01, or (b) 61% multiplied by the average of the two lowest trading prices for our Common Stock during the 20-days prior to the date of the conversion. In connection with, and as a condition to, the issuance of the Quick Capital Note, the Company also issued 5,725,000 shares of its common stock to Quick Capital. The Quick Capital Note and the shares of common stock were issued in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and in reliance on similar exemptions under applicable state laws.
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