Kisses from Italy, Inc. announced that it has entered into a securities purchase agreement with 1800 Diagonal Lending, LLC for private placement of a convertible promissory note in the principal amount of $70,000 on July 26, 2022. The note bears interest at a rate of 9% per annum and is due and payable no later than July 26, 2023. The company has the right to prepay the note without penalty, the annual interest is due if the note is paid in full after July 26, 2023, by the company prior to maturity and upon default of the note, the interest increases to 22%.

The note is convertible into common shares of the company after January 22, 2023, initially 25,846,153 shares. The company will pay $4,250 to cover the investor legal fees in connection with the transaction. All the securities issued under the transaction are in reliance on the exemptions provided by Section 4(2) of the Act and Regulation D.