secwatch.observer — SEC 8-K summary
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Issuer:     Kisses From Italy Inc. (KITL)
CIK:        0001608092
Form:       8-K
Filed at:   2022-08-01T23:59:59+00:00
Accession:  0001683168-22-005230
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1608092/000168316822005230/0001683168-22-005230-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1608092/000168316822005230/kisses_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-22-005230

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer