![]() To delays in completion of the Company’s Forms 10-K and 10-Q caused by unresolved accounting issues involving the Company’s Douglass a lien on all of the Company’s assets. Is secured by a security agreement and UCC-1 filing granting Mr. Principal and interest of the Notes is personally guaranteed by A. Notes require the Company to become current in its filings with the SEC on or before Januunless such date is extendedīy agreement of the holders of the Notes. Note subscribers also received a ten-year warrant to purchase one Shareįor each dollar amount of Notes subscribed for by such subscriber for $1.50 per Share for an aggregate of 350,000 Shares. Option of the shareholders thereof at the lesser of $1.00 per share or 90% of the purchase price of any offering or issuance ofĬommon shares by the Company prior to the Maturity Date. Into an aggregate of 350,000 shares of the Company’s $0.001 par value common shares (the “Share(s)”) at the Notes bear interest at the rate of 8% per annum with a late payment interest rate of 13% per annum. (the “Notes”) to two accredited investors due 3 years from each date thereof (the “Maturity Date”). 3.02 Unregistered Sales of Equity SecuritiesĪugand September 30, 2016, the Company completed the sale of $350,000 of face value of Convertible Promissory Notes
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