Debt Conversion Agreement between Internet Media Services, Inc. and Raymond Meyers
Summary
Internet Media Services, Inc. and Raymond Meyers have agreed to convert $86,590.06 of debt owed to Mr. Meyers under a revolving credit facility into 36,260,596 shares of the company's common stock at a price of $0.0024 per share. This conversion was approved by the company's Board of Directors. After the conversion, $182,901.18 remains outstanding on the credit facility. The agreement is effective as of September 12, 2013.
EX-10.14 3 ex10-14.htm DEBT CONVERSION AGREEMENT BETWEEN INTERNET MEDIA SERVICES, INC. AND RAYMOND MEYERS. ex10-14.htm
Exhibit 10.14
September 17, 2013
Mr. Raymond Meyers
Chief Executive Officer
Internet Media Services, Inc.
1507 7th Street, #425
Santa Monica, CA 90401
Dear Mr. Meyers:
As of September 12, 2013, the balance of funds advanced to Internet Media Services, Inc. (the “Company”) under your existing revolving credit facility totaled approximately $269,000.00. On that date, you had requested repayment of $86,590.96 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: $86,590.06 |
| | 2. | Conversion share price: $0.0024, representing the average lowest bid price of the Company’s common stock for the prior ten business days |
| | 3. | Shares delivered: 36,260,596 |
| | 4. | Remaining balance of the revolving credit facility after conversion: $182,901.18 |
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
