ENVISION SOLAR INTERNATIONAL, INC. (OTCMKTS:EVSI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On August 27, 2018, Envision Solar International, Inc., a Nevada corporation (the “Company”), entered into an unsecured promissory note (the “Note”) in the amount of $750,000 (the “Principal Amount”) with Gemini Special Opportunities Fund, LP (the “Lender”). The Note bears simple interest at an annual rate of 10% and is subject to that certain Securities Purchase Agreement, dated August 27, 2018, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.2 (the “SPA”). This Note is due and payable on February 28, 2019 (the “Maturity Date”). The Company may prepay the Note, provided if the Company repays the Note on or prior to November 28, 2018, the Company shall pay 105% of the Principal Amount plus accrued interest, and if the Company repays the Note after November 28, 2018, including repayment on the Maturity Date, the Company shall pay 115% of the Principal Amount plus accrued interest. Copies of the Note and the SPA are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively.
As additional consideration for the loan evidenced by the Note, the Company agreed to issue to the Lender 900,000 common stock purchase warrants exercisable for a period of five years from the date of issuance with an exercise price equal to $0.25 per share. A copy of the form of warrant is attached to this Current Report on Form 8-K as Exhibit 10.3.
SECTION 2. FINANCIAL INFORMATION
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
See Item 1.01.
SECTION 9. FINANCIAL STATEMENTS, PRO FORMA FINANCIALS & EXHIBITS
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits
Envision Solar International, Inc. ExhibitEX-10.1 2 ex10_1.htm UNSECURED PROMISSORY NOTE,…To view the full exhibit click here
About ENVISION SOLAR INTERNATIONAL, INC. (OTCMKTS:EVSI)
Envision Solar International, Inc. (Envision) invents, designs and manufactures solar products and technology solutions focusing on various verticals, such as electric vehicle charging infrastructure; out of home advertising infrastructure, and energy security and disaster preparedness. The Company focuses on creating renewable energized powered platforms for electric vehicle (EV) charging, media and branding, and energy security. The Company’s product lines include the Electric Vehicle Autonomous Renewable Charger product (EV ARC) and the Solar Tree product. Its list of products includes EV ARC Electric Vehicle Charger; EV ARC Digital Electric Vehicle Charger with Digital Advertising Screen; EV ARC Motorcycle Charger; EV ARC Bicycle Charger; The Solar Tree DCFC product, equipped with a large array and on-board battery storage for direct current (DC) fast charging and energy security, and The Branded Solar Tree (HVBA) products, which include customized branding, finishes and signage.
