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Posted On: 04/18/2019 10:15:02 PM
Post# of 32974
From S1/a
On February 1, 2019, we issued an unsecured convertible note to Bellridge Capital, LP (“Bellridge”) in the aggregate principal amount of $500,000 in exchange for net proceeds of $432,000, after an original issue discount of $25,000 and legal and financing expenses of $43,000. The financing expenses represent fees paid to AGP as placement agent. In addition, we issued 16,667 shares of our Common Stock in connection with the note issuance. The note is convertible into shares of Common Stock at a conversion price equal to 70% of the lowest VWAP during the ten (10) trading days immediately preceding the date of the notice of conversion.
On March 22, 2019, we issued an unsecured promissory note to an unaffiliated third-party in the amount of $300,000. The note bears an Original Issue Discount of $10,000, which is included in the original principal amount. The note bears interest on the principal amount then outstanding at a rate of 5% per annum. The note is due on demand at any time after April 10, 2019.
On February 1, 2019, we issued an unsecured convertible note to Bellridge Capital, LP (“Bellridge”) in the aggregate principal amount of $500,000 in exchange for net proceeds of $432,000, after an original issue discount of $25,000 and legal and financing expenses of $43,000. The financing expenses represent fees paid to AGP as placement agent. In addition, we issued 16,667 shares of our Common Stock in connection with the note issuance. The note is convertible into shares of Common Stock at a conversion price equal to 70% of the lowest VWAP during the ten (10) trading days immediately preceding the date of the notice of conversion.
On March 22, 2019, we issued an unsecured promissory note to an unaffiliated third-party in the amount of $300,000. The note bears an Original Issue Discount of $10,000, which is included in the original principal amount. The note bears interest on the principal amount then outstanding at a rate of 5% per annum. The note is due on demand at any time after April 10, 2019.
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