On July 6, 2018, the Company’s Board of Directors approved the assignment of a Convertible Promissory Note to a different third-party. The terms of the original March 13, 2017 Convertible Promissory Note remain in effect and the note continues to accrue interest at a rate of 10% per annum until the note is paid in full. In addition, and made effective on July 20, 2018, the Warrant to Purchase Shares previously issued under the March 13, 2017 Convertible Promissory Note was terminated by the Warrant holder to facilitate the Company’s fundraising efforts.
The above information was disclosed in a filing to the SEC. To see the fi ling, click here.
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