NOTE 14 - SUBSEQUENT EVENTS
On April 30, 2019 the Company entered into an agreement with Auctus Fund LLC. The terms and conditions are as follows:
The face value of the note is $110,000 at an interest rate of 12% and the maturity date is January 26, 2020. At the time of the disbursement there was a deduction from proceeds to the Company of $12,750 for legal and due diligence fees related to the issuance of the pr omissory note. The repayment is a lump sum payment on the due date or is convertible into Company common stock at the discretion of the lender. The conversion, if chosen, will be at 50% of the lowest trading price during the previous 25-day trading period. This represents a discount of fifty percent (50%). The lender agrees to limit the amount of stock received to less than 4.99% of the total outstanding common stock. There are 440,000 warrants attached to this note, exercisable for five (5) years from April 26, 2019 at $0.25 per share. Further details may be found in the Form 8-K filed May 7, 2019, incorporated herein by reference.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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