Convertible Note Agreement between the Company and Donald K Meador PC dated January 8, 2014
This agreement documents a $50,000 convertible note issued by the Company to Donald K Meador PC on January 8, 2014. The note accrues 19% annual interest and could be converted into Company equity if the Company raised $1,200,000 in equity financing, at a conversion price set at 80% of the price paid by new investors. The note was originally due May 7, 2014, but the maturity date was extended to June 8, 2014. The right to convert the note expired on May 7, 2014 and was not extended.
EXHIBIT 4.2
On January 8, 2014 the Company issued a convertible note, under an oral arrangement, to Donald K Meador PC in the aggregate amount of $50,000. This convertible note accrues interest at the rate of 19% per annum and is convertible only upon the Company issuing its equity securities in exchange for gross proceeds of $1,200,000, at a conversion price equal to 80% of the per share price paid by the purchasers in such transactions. The note was originally due and payable on May 7, 2014; however, the Company secured an extension of the convertible note payable to June 8, 2014. However, the conversion feature of the convertible note payable expired effective May 7, 2014 and was not extended.
