Item 1.01 Entry into a Material Definitive Agreement.
On July 19, 2021, Bantec, Inc. (the "Company") entered into a convertible
promissory note with Geneva Roth Remark Holdings, Inc. ("Lender") in the
principal amount of $53,750.00, (the "July 19, 2021 Note"). The July 19, 2021
Note carries interest at the rate of 10%, matures on June 14, 2022, and is
convertible into shares of the Company's common stock, par value $0.0001, at the
Lender's election, after 180 days, at a 35% discount, provided that the Lender
may not own greater than 4.99% of the Company's common stock at any time.
The Company received funding under the July 19, 2021 Note on July 20, 2021.
The foregoing is a summary of the terms of the July 19, 2021 Note and is
qualified in its entirety by the July 19, 2021 Note attached hereto and
incorporated herein as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: The following exhibits are filed with this report:
Exhibit No. Description
10.1 July 19, 2021 Convertible Promissory Note with Geneva Roth Remark
Holdings, Inc.
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