$CRWG Form 8-K for CROWDGATHER, INC. 30-Jul-2015
Post# of 886
Posted On: 07/31/2015 1:27:51 PM
$CRWG Form 8-K for CROWDGATHER, INC. 30-Jul-2015
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli
Item 1.01 Entry into a Material Definitive Agreement
On July 27, 2015 CrowdGather, Inc. (the "Company"
issued a Secured Promissory Note (the "Note" in the aggregate principal amount of $372,000 to with one investor (the "Investor" . The Note was issued on July 27, 2015 and bears an interest rate of 12% per annum due and payable 60 days from the date of issuance. The Note was issued in connection to a new security agreement with the Investor (the "Security Agreement" to secure the timely payment and performance in full of our obligations pursuant to the Note. The Company intends to use proceeds from the sale of the Note to extinguish certain convertible notes issued during the first calendar quarter of 2015.
The forgoing descriptions of the Note and Security Agreement are summaries of the material terms only and are qualified in their entirety by the complete text of the forms of the Note and Security Agreement attached as exhibits 10.1 and 10.2 respectively of this Current Report on Form 8-K.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
See the disclosures under Item 1.01 of this Current Report on Form 8-K.
Item 8.01 Other Events
On July 30, 2015 the Convertible Promissory Note issued to Typenex Co-Investment, LLC on March 2, 2015 was paid in full. A payment of $218,934 was made which included $168,000 principal, $7,147 interest, and $43,787 prepayment fee.
http://biz.yahoo.com/e/150730/crwg8-k.html
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli
Item 1.01 Entry into a Material Definitive Agreement
On July 27, 2015 CrowdGather, Inc. (the "Company"
issued a Secured Promissory Note (the "Note" in the aggregate principal amount of $372,000 to with one investor (the "Investor" . The Note was issued on July 27, 2015 and bears an interest rate of 12% per annum due and payable 60 days from the date of issuance. The Note was issued in connection to a new security agreement with the Investor (the "Security Agreement" to secure the timely payment and performance in full of our obligations pursuant to the Note. The Company intends to use proceeds from the sale of the Note to extinguish certain convertible notes issued during the first calendar quarter of 2015. The forgoing descriptions of the Note and Security Agreement are summaries of the material terms only and are qualified in their entirety by the complete text of the forms of the Note and Security Agreement attached as exhibits 10.1 and 10.2 respectively of this Current Report on Form 8-K.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
See the disclosures under Item 1.01 of this Current Report on Form 8-K.
Item 8.01 Other Events
On July 30, 2015 the Convertible Promissory Note issued to Typenex Co-Investment, LLC on March 2, 2015 was paid in full. A payment of $218,934 was made which included $168,000 principal, $7,147 interest, and $43,787 prepayment fee.
http://biz.yahoo.com/e/150730/crwg8-k.html
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1️⃣I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
2️⃣All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
3️⃣I will not and cannot be held liable for any actions you take as a result of anything you read here.
4️⃣Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
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