secwatch.observer — SEC 8-K summary
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Issuer:     Kisses From Italy Inc. (KITL)
CIK:        0001608092
Form:       8-K
Filed at:   2023-07-18T23:59:59+00:00
Accession:  0001683168-23-004983
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kisses from Italy raises $105K via 10% Note with OID; issues 500K commitment shares and 862.5K warrants
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- Issued $115,000 principal 10% promissory note to GS Capital Partners; net proceeds $105,000 after $10,000 OID.
- Note convertible at $0.01/share; default conversion price drops to $0.005 with 24% default interest.
- Commitment shares of 500,000 common shares; warrant for 862,500 shares at $0.10 exercise price, five-year term.
- Returnable shares of 1,500,000 to Buyer unless uncured default during 12-month term.
- Company restricted from raising >$450K from other investors while Note outstanding.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1608092/000168316823004983/0001683168-23-004983-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1608092/000168316823004983/kisses_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-004983

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