As far being current by the end of the month, ther
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Posted On: 03/09/2021 9:14:32 AM
As far being current by the end of the month, there is some flexibility build into the agreement.
Phase 2 is for QMC to file the missing financial reports and to file the revised Articles of Incorp to increase the Authorized Shares. These actions are required so that the Senior Notes can be converted into shares and the Purchased Shares issued at the Second Closing.
The filings should occur before March 31 or possibly April 30.
Quote:
The Company shall, in accordance with the timing set forth in Schedule 3(f) of the Company Disclosure Schedule (which shall provide that all action necessary to cause the Company to be current in its filings with the SEC shall be taken on or before March 31, 2021), take the additional actions set forth in such Schedule 3(f) to amend and restate its Articles of Incorporation substantially as set forth in Exhibit D to this Agreement (with such changes thereto as shall be approved by Pasaca) to, among other things, authorize sufficient shares of Common Stock to be issued upon conversion of all Notes and issuance of all Purchased Shares as provided for in this Agreement.
Quote:
(b) Maturity Date. The “Maturity Date” shall mean March 31, 2021. The Holder shall have one (1) option to extend the Maturity Date to April 30, 2021, which may be exercised at any time prior to the then-existing Maturity Date by written notice thereof to the Company; provided that the Company has completed and filed at least one-half (½) of the SEC filings identified on Schedule 3(f) to the Agreement or the Company has substantially completed at least three-fourths (¾) of the SEC filings identified on Schedule 3(f) to the Agreement.
Phase 2 is for QMC to file the missing financial reports and to file the revised Articles of Incorp to increase the Authorized Shares. These actions are required so that the Senior Notes can be converted into shares and the Purchased Shares issued at the Second Closing.
The filings should occur before March 31 or possibly April 30.
Quote:
The Company shall, in accordance with the timing set forth in Schedule 3(f) of the Company Disclosure Schedule (which shall provide that all action necessary to cause the Company to be current in its filings with the SEC shall be taken on or before March 31, 2021), take the additional actions set forth in such Schedule 3(f) to amend and restate its Articles of Incorporation substantially as set forth in Exhibit D to this Agreement (with such changes thereto as shall be approved by Pasaca) to, among other things, authorize sufficient shares of Common Stock to be issued upon conversion of all Notes and issuance of all Purchased Shares as provided for in this Agreement.
Quote:
(b) Maturity Date. The “Maturity Date” shall mean March 31, 2021. The Holder shall have one (1) option to extend the Maturity Date to April 30, 2021, which may be exercised at any time prior to the then-existing Maturity Date by written notice thereof to the Company; provided that the Company has completed and filed at least one-half (½) of the SEC filings identified on Schedule 3(f) to the Agreement or the Company has substantially completed at least three-fourths (¾) of the SEC filings identified on Schedule 3(f) to the Agreement.
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