Kisses From Italy Inc. (KITL): debt financing — Kisses from Italy issues $115K 10% promissory note to Coventry Enterprises with equity kickers

Kisses From Italy Inc.

Issued $115,000 10% promissory note to Coventry Enterprises; net proceeds $105,000 after $10,000 original issue discount.
Issued 500,000 commitment shares, warrant for 862,500 shares at $0.10 exercise price, and 1,500,000 returnable shares.
Note converts at $0.01 per share; default triggers 24% interest and conversion price drops to $0.005.
Note matures August 22, 2024; interest payable in common stock.
Securities issued in unregistered transaction under Section 4(2) and Regulation D.

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 $115,000.00 with Coventry Enterprises, LLC at 10% per annum maturing August 22, 2024.

Instrument: loan
Principal: $115,000.00
Counterparty: Coventry Enterprises, LLC
Rate: 10% per annum
Maturity: August 22, 2024
Event: incurrence

Exact text from the filing

On August 22, 2023 (the “Issue Date”), Kisses from Italy, Inc., a Florida corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Coventry Enterprises, LLC, (the “Buyer”), pursuant to which the Company issued to the Buyer a 10% promissory note in the principal amount of $115,000.00 (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 Securities Purchase Agreement with Coventry Enterprises, LLC valued at $115,000.00 (effective 2023-08-22).

Action: entry
Agreement: equity purchase
Counterparty: Coventry Enterprises, LLC
Value: $115,000.00
Effective: 2023-08-22

Exact text from the filing

On August 22, 2023 (the “Issue Date”), Kisses from Italy, Inc., a Florida corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Coventry Enterprises, LLC, (the “Buyer”), pursuant to which the Company issued to the Buyer a 10% promissory note in the principal amount of $115,000.00 (the “Note”).

View on SEC.gov

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Kisses From Italy Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-006110

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