Item 1.01. Entry into a Material Definitive Agreement.
On
Per the terms of the Agreements, the Company was tendered the full
Also per the Agreements, Sharing Services Global Corporation has been tendered 1,400,000 Warrants with a three year life span and can convert at the market price of the previous 10 day VWAP of the date of Conversion.
Pursuant to the Agreements, we shall use the net proceeds for immediate cash
infusion for normative working capital purposes and capital expenditures. There
are no other restrictions on future financing transactions. The Agreement does
not contain any right of first refusal or penalties. Sharing Services Global
Corporation has agreed that neither it nor any of its affiliates shall engage in
any short-selling or hedging of our Common Stock during any time during the term
of the Agreements. Pursuant to the Agreements, the Company is required to
register all shares which the
The foregoing is a summary description of certain terms of the Agreements. For a full description of all terms, please refer to the copy of the Agreements which are filed herewith as Exhibits 10.1 et seq. to this Current Report on Form 8-K and incorporated herein by reference. All interested parties are encouraged to read the entire text of the listed
Agreements.
Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
As part of the Agreements referenced supra, Sharing Services Global Corporation
has the right to appoint one Board Member to our Company. As such, Mr.
John "JT" Thatch, 59, serves as Chief Executive Officer and Vice Chairman of
Sharing Services Global Corporation a publicly traded company with over
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following Exhibits are filed as part of this Report.
Exhibit Number Description 10.1 Convertible Promissory Note ofSeptember 10th, 2021 , with Sharing Services Global Corporation 10.2 Securities Purchase Agreement ofSeptember 10th, 2021 , with Sharing Services Global Corporation 10.3 Warrant Agreement ofSeptember 10th, 2021 , with Sharing Services Global Corporation 10.4 Board Resolution Appointing John "JT" Thatch to the Board. 2
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