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Posted On: 09/27/2019 6:39:13 PM
Post# of 30066
"Note 11 – Subsequent Event
On September 9th, 2019, the Company entered into a financing transaction with EMA Financial whereby the Company issued to EMA a convertible promissory note with a face value of $500,000. The Note carries a 10% original issue discount and 12% interest. Upon the closing, the Company issued the first tranche under the note in an amount equal to $125,000, which resulted in $112,500 in proceeds being delivered to the Company.
On September 12th, 2019, the Company entered into a settlement agreement with GreenTree Financial (Greentree) and Brewer Capital Management (BCM) related to a lawsuit filed in California State Court in the matter styled Greentree Financial Group, Inc. v. Amarantus Bioscience Holdings, Inc., Case No. CGC 17-557555 where a judgment was entered against the Company in the amount of $892,336.00 with post-judgment simple interest at the rate of ten percent (10%) per annum from the date judgment was entered until fully paid. Under the terms of the settlement agreement, the Company agreed to issue to GreenTree and BCM each 4,000,000 shares of restricted common stock."
On September 9th, 2019, the Company entered into a financing transaction with EMA Financial whereby the Company issued to EMA a convertible promissory note with a face value of $500,000. The Note carries a 10% original issue discount and 12% interest. Upon the closing, the Company issued the first tranche under the note in an amount equal to $125,000, which resulted in $112,500 in proceeds being delivered to the Company.
On September 12th, 2019, the Company entered into a settlement agreement with GreenTree Financial (Greentree) and Brewer Capital Management (BCM) related to a lawsuit filed in California State Court in the matter styled Greentree Financial Group, Inc. v. Amarantus Bioscience Holdings, Inc., Case No. CGC 17-557555 where a judgment was entered against the Company in the amount of $892,336.00 with post-judgment simple interest at the rate of ten percent (10%) per annum from the date judgment was entered until fully paid. Under the terms of the settlement agreement, the Company agreed to issue to GreenTree and BCM each 4,000,000 shares of restricted common stock."
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