Keith Wong Forbearance Agreement with Live Inc. Regarding Outstanding Indebtedness

Contract Categories: Business Finance › Forbearance Agreements
Summary

Keith Wong has agreed not to demand repayment of $360,000 owed to him by Live Inc. until either December 31, 2020, or until the company raises $2,000,000 through a public or private securities offering, whichever comes first. This agreement provides Live Inc. with additional time to repay its debt under specified conditions.

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EX-10.7 3 ex10-7.htm EX-10.7

EXHIBIT 10.7

 

KEITH WONG

 

October 15, 2019

 

Board of Directors

Live Inc.

315 Montgomery Street, 9th Floor

San Francisco, CA 94104

 

Re: Outstanding Indebtedness

Live Inc. (“Company”)

 

To Whom It May Concern:

 

This letter confirms that I will not demand payment, in whole or in part, of the outstanding indebtedness owed to me by the Company until the earlier of (i) December 31, 2020 or (ii) the Company receives the sum of $2,000,000 in funding from a public or private offering of its securities.

 

As of June 30, 2019, the amount due the undersigned by the Company is $360,000.

 

Sincerely,

 

/s/ Keith Wong

Keith Wong