Debt-to-Equity Conversion Agreement between Internet Media Services, Inc. and Raymond Meyers
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Summary
Internet Media Services, Inc. and its CEO, Raymond Meyers, agreed to convert $80,746.08 of the company's outstanding revolving credit facility debt into 98,000,000 shares of newly issued common stock at a price of $0.0008 per share. This conversion was approved by the company's Board of Directors, leaving an approximate remaining credit facility balance of $95,253. The agreement is effective as of December 16, 2013.
EX-10.15 3 ex10-15.htm ex10-15.htm
Exhibit 10.15
December 16, 2013
Mr. Raymond Meyers
Chief Executive Officer
Internet Media Services, Inc.
1507 7th Street, #425
Santa Monica, CA 90401
Dear Mr. Meyers:
As of December 16, 2013, the balance of funds advanced to Internet Media Services, Inc. (the “Company”) under your existing revolving credit facility totaled approximately $176,000. On that date, you had requested repayment of $80,746.08 of the outstanding revolving credit facility balance in newly issued common stock of the Company, which the Company’s Board of Directors unanimously approved. You and the Company agreed to the following terms regarding this debt to equity conversion:
| | 1. | Amount converted: $80,746.08 |
| | 2. | Conversion share price: $0.0008, representing the average lowest bid price of the Company’s common stock for the prior ten business days |
| | 3. | Shares delivered: 98,000,000 |
| | 4. | Approximate remaining balance of the revolving credit facility after conversion: $95,253 |
By signing below you are signifying your acceptance of the above listed terms of conversion.
| Sincerely, | |
| /s/ Michael Buechler | |
| Michael Buechler | |
| Secretary | |
| Internet Media Services, Inc. |
Accepted:
/s/ Raymond Meyers
Raymond Meyers
