AnythingIT, Inc. (OTCPK:ANYI) announced a private placement of a convertible promissory note to returning investor, KBM Worldwide, Inc. for gross proceeds of $32,500 on September 17, 2014. The promissory note carries a coupon of 8% per annum and would mature on June 19, 2015. The note is convertible into common shares at any time during the conversion period, which begins 180 days after the note funding date and ends on the later of maturity date or the date of payment of the default amount. The conversion price for each share is the greater of 58% multiplied by the lowest average three day market price of the our common stock during the ten trading days prior to the relevant notice of conversion or $0.00004.

Bernard S. Feldman of Naidich Wurman Birnbaum & Maday, LLP will act as legal advisor to the investor. The company will issue securities in pursuant to exemption provided under Regulation D.

On September 17, 2014, AnythingIT, Inc. closed the transaction.