AnythingIT, Inc. (OTCBB:ANYI) announced a private placement of a convertible promissory note with new investor, Asher Enterprises, Inc. for gross proceeds of $53,000 on January 24, 2014. The company entered into securities purchase agreement. The note bears interest at a rate of 8% per annum with a default interest rate of 22% per annum. The interest will be paid on the basis of 365-day year and the actual number of days elapsed. The note will mature on October 24, 2014. The company will issue securities pursuant to exemption provided under Regulation D. The note is convertible into common shares at a variable conversion price of 58% of the lowest average three day market price of its common shares during the 10 trading days prior to the notice of conversion. The note may be prepaid by the company in whole or in part, at any time after closing date during the first 180 days from closing, at premium ranging from 115% to 140% of the outstanding principal and after this initial 180 day period, the company does not have a right to prepay the note. The investor will not hold more than 9.99% stake in the company upon conversion. The company will pay finder's fees of $10,000 and legal fees reimbursement of $3,000 to investor's counsel. The investor is given a right of first refusal until July 24, 2014 in the event the company seeks to enter into any equity or equity linked financings in an amount less than $100,000, subject to certain exclusions. Bernard S. Feldman of Naidich Wurman Birnbaum & Maday, LLP will act as legal advisor to the investor.

On January 24, 2014, AnythingIT, Inc. closed the transaction.