Item 1.01
Entry into a Material Definitive Agreement.
Promissory Note Financing
Securities Purchase Agreement
and Promissory Note for $360,000 dated May 2, 2016
The Company entered into a Securities
Purchase Agreement, effective as of May 2, 2016 (the “Effective Date”), by and between the Company and an Institutional
Accredited Investor (the “Investor 1”). Investor1 purchased and the Company issued and sold a promissory note in the
original principal amount of $360,000 (the “$360,000 Promissory Note”).
On May 2, 2016, the Company issued and sold the $360,000
Promissory Note to the Investor 1. To date a total of $130,000 has been received pursuant to this debenture.
The foregoing summary description
of the May 2, 2016 Securities Purchase Agreement and the $360,000 Promissory Note does not purport to be complete and is qualified
in its entirety by reference to the full text of the documents, or forms thereof, which are filed as Exhibits 10.1 and10.2, to
this Current Report on Form 8-K and are incorporated herein by reference.
Securities Purchase Agreement
and Promissory Note for $125,000 dated November 18, 2015
The Company also previously entered
into a Securities Purchase Agreement, effective as of November 18, 2015 (the “Effective Date”), by and between the
Company and Investor 1. Investor 1 purchased and the Company issued and sold a promissory note in the original principal amount
of $125,000 (the “$125,000 Promissory Note”).
On November 18, 2015, the Company
previously issued and sold the $125,000 Promissory Note to Investor 1. To date a total of $45,000 has been received pursuant to
this debenture.
The foregoing summary description
of the November 18, 2015 Securities Purchase Agreement, and the $125,000 Promissory Note does not purport to be complete and is
qualified in its entirety by reference to the full text of the documents, or forms thereof, which are filed as Exhibits 10.3 and
10.4 to this Current Report on Form 8-K and are incorporated herein by reference.
Securities Purchase Agreement
and Promissory Note for $45,000 dated May 4, 2016
The Company entered into a Securities
Purchase Agreement, effective as of May 4, 2016 (the “Effective Date”), by and between the Company and an Institutional
Accredited Investor (“Investor 2”). Investor2 purchased and the Company issued and sold a promissory note in the original
principal amount of $45,000 (the “$45,000 Promissory Note”).
On May 4, 2016, the Company issued and sold the $45,000 Promissory
Note to Investor 2. To date a total of $0 has been received pursuant to this debenture.
The foregoing summary description
of the May 4, 2016 Securities Purchase Agreement, and the $45,000 Promissory Note does not purport to be complete and is qualified
in its entirety by reference to the full text of the documents, or forms thereof, which are filed as Exhibits 10.5 and 10.6 to
this Current Report on Form 8-K and are incorporated herein by reference.
Securities Purchase Agreement
and Promissory Note for $150,000 dated December 9, 2015
The Company also previously entered
into a Securities Purchase Agreement, effective as of December 9, 2015 (the “Effective Date”), by and between the Company
and Investor 2. Investor 2 purchased and the Company issued and sold a promissory note in the original principal amount of $150,000
(the “$150,000 Promissory Note”).
On December 9, 2015, the Company previously issued and sold
the $150,000 Promissory Note to Investor 2. To date a total of $150,000 has been received pursuant to this debenture.
The foregoing summary description
of the December 9, 2015 Securities Purchase Agreement, and the $150,000 Promissory Note does not purport to be complete and is
qualified in its entirety by reference to the full text of the documents, or forms thereof, which are filed as Exhibits 10.7 and
10.8 to this Current Report on Form 8-K and are incorporated herein by reference.