INDOOR HARVEST CORP (OTCMKTS:INQD) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 Entry Into a Material Definitive Agreement.
As previously disclosed, on January 16, 2018, Indoor Harvest Corp. (the “Company”) entered into an 8% Fixed Convertible Promissory Note (the “Note”) with Tangiers Global, LLC (the “Lender”), in the aggregate principal amount of up to $550,000, with an initial principal amount of $82,500, which includes a $75,000 payment of the purchase price to the Company and a 10% original issue discount (“OID”) in the amount of $7,500.
On February 13, 2018, the Company and the Lender entered into Amendment #1 to the Note (“Amendment #1”), to which the Lender agreed to make a payment to the Company in the amount of $132,000 ($120,000 in cash and $12,000 in OID) under the Note. The Company agreed that within two months of the payment it will use the proceeds as follows: $22,000 for renewal of annual contracts for OTC Markets and press releases, $5,000 for a visit to Arizona for a director and officer conference, $7,000 for a new marketing department, $68,000 for two months of general and administrative expenses, and $10,000 for miscellaneous expenses.
On April 17, 2018, the Company and the Lender entered into Amendment #2 to the Note (“Amendment #2”), to which the Lender agreed to make a payment to the Company in the amount of $132,000 ($120,000 in cash and $12,000 in OID) under the Note. The Company agreed that within two months of the payment it will use the proceeds as follows: $27,000 for estimated audit fees and $24,000 for estimated attorney fees related to the Company’s Form 10-K and Form S-1/A, and $68,000 for two months of general and administrative expenses.
The foregoing description of Amendment #2 is only a summary of the material terms of Amendment #2, does not purport to be complete, and is qualified in its entirety by reference to Amendment #2, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Indoor Harvest Corp ExhibitEX-10.1 2 ex10-1.htm AMENDMENT #2 TO THE $550,…To view the full exhibit click here
About INDOOR HARVEST CORP (OTCMKTS:INQD)
Indoor Harvest Corp. is a design-build contractor for the vertical farming and indoor farming industry. The Company’s principal lines of business are engineering, procurement and construction services, as well as manufactures a range of indoor farming fixtures and equipment. It provides production platforms, mechanical systems and complete custom designed build outs for both Controlled Environment Agriculture (CEA) and Building Integrated Agriculture (BIA). Its technologies include greenhouse production, hydroponics, aquaculture, aquaponics and aeroponics. It offers a vertical farm racking system with integrated light emitting diode (LED) lighting. Its vertical farm racking system is used for both aeroponic and hydroponic layered crop production within a CEA or BIA operation. It offers services under the Indoor Harvest brand. Its products include Indoor Harvest Modular HP-Aeroponics Platform, Indoor Harvest Shallow Raft VFRack Platform and Indoor Harvest Low Tide VFRack Platform.
