Letter Agreement Extending Convertible Note and Warrant Between QRONS, Inc. and Quick Capital, LLC
QRONS, Inc. and Quick Capital, LLC have agreed to extend the maturity date of a $115,000 convertible promissory note from June 15, 2022, to June 15, 2023. Quick Capital is waiving $36,000 of the note's balance, reducing it to $150,000. In return, QRONS will issue 150,000 shares of common stock to Quick Capital. Additionally, the term of a related common stock warrant is extended by one year, now expiring on June 15, 2027. The agreement incorporates the original note's legal provisions.
EXHIBIT 10.34
Letter of understanding between QRONS, Inc and Quick Capital, LLC
By this letter agreement “Agreement” dated December 7, 2022, between QRONS, Inc (the “Company”) and Quick Capital, LLC (the “Investor”) the parties agree as follows:
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| 1. | The Maturity Date of the $115,000 Convertible Promissory Note dated June 15, 2021 (Note”) is hereby extended from June 15, 2022, to June 15, 2023. The Note has a current balance of $186,300, however the Investor is waiving $36,000 of the Note leaving a balance to date of $150,000. |
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| 2. | In consideration of the extension of the Maturity Date and the waiver of a portion of the balance of the Note, the Company agrees to issue the Investor 150,000 shares of Common Stock. |
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| 3. | The term of the Common Stock Warrant between the parties dated June 15, 2021, is extended by an additional one-year term, expiring the June 15, 2027 instead of June 15, 2026. |
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| 4. | Choice of law and other provisions set forth in the Note are incorporated by reference and deemed to apply here. |
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In Witness Whereof, the parties hereto have executed this Agreement as of December 7, 2022.
| QRONS, INC. | QUICK CAPITAL, LLC | ||||
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| By: | /s/ Jonah Meer | By: | /s/ Eilon Natan | ||
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| Jonah Meer, CEO | Eilon Natan, Manager | |||
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