Kisses from Italy issues $70K convertible note; conversion at 35% discount to market

Kisses From Italy Inc.

Principal $70,000 at 9% interest, due July 26, 2023; default rate rises to 22%.
Conversion price set at 65% of lowest closing bid price over prior 10 trading days (35% discount).
Prepayment penalties range from 20% to 29% of outstanding principal and interest depending on timing.
Company must reserve 25,846,153 shares for conversion; beneficial ownership capped at 4.99%.
Proceeds used for general working capital; note issued under Regulation D exemption.

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