Kisses From Italy Inc. (KITL): debt financing — Kisses from Italy issues $110K promissory note to Firstfire Global; receives $100K net

Kisses From Italy Inc.

Issued $110,000 promissory note with 10% interest, due June 5, 2024; net proceeds $100,000 after $10,000 OID.
Note convertible at $0.01/share; warrant to purchase 1,000,000 shares at $0.10/share exercisable for 5 years.
Issued 500,000 commitment shares as additional consideration; sale exempt under Section 4(2) and Regulation D.
Upon default, interest increases to lesser of 18% or maximum allowed by law; prepayment permitted without penalty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Kisses From Italy Inc. incurred loan of $110,000.00 with Firstfire Global Opportunity Fund, LLC at 10% per annum maturing June 5, 2024.

Instrument: loan
Principal: $110,000.00
Counterparty: Firstfire Global Opportunity Fund, LLC
Rate: 10% per annum
Maturity: June 5, 2024
Event: incurrence

Exact text from the filing

Global Opportunity Fund, LLC, a Delaware limited liability company (“Lender”), pursuant to which the Company issued to the Lender a promissory note in the principal amount of $110,000.00 (the “Note”). The Company received $100,000 gross proceeds from Lender due to the original issue discount on the Note. In connection with the execution and delivery of the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Kisses From Italy Inc. entered into Securities Purchase Agreement with Firstfire Global Opportunity Fund, LLC valued at $110,000.00 (effective 2023-06-06).

Action: entry
Agreement: equity purchase
Counterparty: Firstfire Global Opportunity Fund, LLC
Value: $110,000.00
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, but effective on June 12, 2023, Kisses from Italy, Inc., a Florida corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Firstfire Global Opportunity Fund, LLC, a Delaware limited liability company (“Lender”), pursuant to which the Company issued to the Lender a promissory note in the principal amount of $110,000.00 (the “Note”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Kisses From Italy Inc. entered into Note with Firstfire Global Opportunity Fund, LLC valued at $110,000.00 (effective 2023-06-06).

Action: entry
Agreement: notes offering
Counterparty: Firstfire Global Opportunity Fund, LLC
Value: $110,000.00
Effective: 2023-06-06

Exact text from the filing

pursuant to which the Company issued to the Lender a promissory note in the principal amount of $110,000.00 (the “Note”).

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Kisses From Italy Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-004190

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