The last loan attained by GC was as follows, court
Post# of 3605
Posted On: 02/01/2016 5:50:30 PM
The last loan attained by GC was as follows, courtesy of Edgar Online:
(eye candy for lawyers)
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On January 5, 2016, the Registrant received proceeds of $30,000, net of financing costs of $3,000, from a Securities Purchase Agreement and related convertible promissory note, dated January 4, 2016, in the face amount of Thirty Three Thousand ($33,000.00) Dollars and no cents issued to GW Holdings Group LLC, an independent third party accredited investor (the “Holder”). The Promissory Note matures in January 2017 and provides for interest at the rate of ten (10%) percent per annum. The Note may be converted into unregistered shares of the Registrant’s common stock, par value $0.0001 per share, at the Conversion Price, as defined, in whole, or in part, at any time beginning 180 days after the date of the Note, at the option of the Holder. All outstanding principal and unpaid accrued interest is due at maturity, if not converted prior thereto.
The Conversion Price shall be equal to 62% multiplied by the Market Price, as defined. The Market Price shall be equal to the lowest trading price of the Registrant’s common stock on the OTC Pink during the twenty-five (25) trading-day period ending one trading day prior to the date of conversion by the Holder. The Holder anticipates that upon any conversion, the shares of stock it receives from the Registrant will be freely tradable in compliance with Rule 144 of the U.S. Securities and Exchange Commission.
This note may be prepaid during the first six months by paying a prepayment penalty of 50%. The Company has reserved 93,000,000 shares of its unissued common stock for potential conversion of the convertible note.
(eye candy for lawyers)
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On January 5, 2016, the Registrant received proceeds of $30,000, net of financing costs of $3,000, from a Securities Purchase Agreement and related convertible promissory note, dated January 4, 2016, in the face amount of Thirty Three Thousand ($33,000.00) Dollars and no cents issued to GW Holdings Group LLC, an independent third party accredited investor (the “Holder”). The Promissory Note matures in January 2017 and provides for interest at the rate of ten (10%) percent per annum. The Note may be converted into unregistered shares of the Registrant’s common stock, par value $0.0001 per share, at the Conversion Price, as defined, in whole, or in part, at any time beginning 180 days after the date of the Note, at the option of the Holder. All outstanding principal and unpaid accrued interest is due at maturity, if not converted prior thereto.
The Conversion Price shall be equal to 62% multiplied by the Market Price, as defined. The Market Price shall be equal to the lowest trading price of the Registrant’s common stock on the OTC Pink during the twenty-five (25) trading-day period ending one trading day prior to the date of conversion by the Holder. The Holder anticipates that upon any conversion, the shares of stock it receives from the Registrant will be freely tradable in compliance with Rule 144 of the U.S. Securities and Exchange Commission.
This note may be prepaid during the first six months by paying a prepayment penalty of 50%. The Company has reserved 93,000,000 shares of its unissued common stock for potential conversion of the convertible note.
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