Kisses from Italy issues $150K convertible note to Fourth Man; receives $135K net

Kisses From Italy Inc.

12% annual interest, due in 12 months; default rate 16%.
Convertible at fixed $0.025 per share; subject to anti-dilution adjustment.
Issued 607,000 commitment shares and warrant for 1,500,000 shares at $0.10 exercise price.
Registration rights agreement requires filing within 90 days; default if not effective in 180 days.
Net proceeds of $135,000 after $15,000 original issue discount and $3,000 legal fee withholding.

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