ALUMIFUEL POWER CORPORATION (OTCMKTS:AFPW) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
On February 17, 2017 the Registrant issued a convertible
promissory note to More Capital in the total principal amount of
$38,525 from which the Registrant received total proceeds of
$30,000 (the Note). The Note is convertible beginning 90 days
after issuance into $0.001 par value Common Stock of the
Registrant at a discount of 50% of the average of the lowest
three trading prices for the Registrants common stock during the
twenty days preceding the conversion date. The Note matures
onAugust 17, 2017and carries an interest rate of 12% per annum.
The Note requires a payment of $314 on each business day from the
Company. Daily payments notwithstanding, the note may be prepaid:
at any time from the issuance date to 180 days following the
issue date at 130% of the then outstanding principal and
interest; and at any time beginning 181 days following the
issuance date to 364 days following the issue date at 150% of the
then outstanding principal and interest.
On February 21, 2017 the Registrant issued a convertible
promissory note to CareBourn Capital, L.P. in the total principal
amount of $75,325 from which the Registrant received total
proceeds of $60,000 (the Note). The Note is convertible beginning
90 days after issuance into $0.001 par value Common Stock of the
Registrant at a discount of 50% of the average of the lowest
three trading prices for the Registrants common stock during the
twenty days preceding the conversion date. The Note matures on
February 21, 2018 and carries an interest rate of 12% per annum.
The Note requires a payment of $314 on each business day from the
Company. Daily payments notwithstanding, the note may be prepaid:
at any time from the issuance date to 180 days following the
issue date at 130% of the then outstanding principal and
interest; and at any time beginning 181 days following the
issuance date to 364 days following the issue date at 150% of the
then outstanding principal and interest.
The Company intends to use the proceeds from these notes for
working capital purposes as well as cash payments to retire
portions of existing convertible debt.
Item 3.02 Unregistered Sale of Equity
Securities.
The disclosure in Item 2.03 of this Current Report on Form 8-K is
incorporated by reference into this Item 3.02.
Item 5.03 Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year.
On February 17, 2017, the board of directors of the Company
approved filing an amendment to the Companys Articles of
Incorporation to effect a name change of the Company from
AlumiFuel Power Corporation to Phoenix Equity Holdings
Corporation and to present this amendment for a vote of the
Companys stockholders. Upon approval by the Companys stockholders
the officers of the Company will take steps to effect the name
change in Wyoming and as necessary to reflect this change
regarding trading of the Companys common stock at the earliest
practicable date.
The disclosure in Item 5.07 of this Current Report on Form 8-K is
incorporated by reference into this Item 5.03.
Item 5.07 Submission of Matters to a Vote of Security
Holders.
On February 17, 2017, the stockholders of the Company through a
written consent executed by stockholders holding 52% of the
shares of the Companys capital stock outstanding and entitled to
vote approved a resolution approved by the Companys board of
directors to amend the Companys Articles of Incorporation to
effect a name change for the Company from AlumiFuel Power
Corporation to Phoenix Equity Holdings Corporation.
The disclosure in Item 5.03 of this Current Report on Form 8-K is
incorporated by reference into this Item 5.07.
Item 7.01 Regulation FD Disclosure
The Securities and Exchange Commission (the SEC) has provided
guidance to issuers regarding the use of social media to disclose
material non-public information. In this regard, investors and
others should note that in addition to our SEC filings, press
releases, public conference calls and webcasts, we may announce
material financial information on our website,
www.alumifuelpowercorp.com. We use these channels as well as
social media to communicate with the public about our company,
our services, our products and other issues. It is possible that
the information we post on social media could be deemed to be
material information. Therefore, in light of the SECs guidance,
we encourage investors, the media, and others interested in our
company to review the information we post on the social media
channels listed below.
Alumifuel Power Corporation Twitter Feed: www.twitter.com/AFPW_IR
(@AFPW_IR)
Alumifuel Power Corporation CEO Twitter Feed:
www.twitter.com/CRyanSchadel (@CRyanSchadel)
Alumifuel Power Corporation CEO Periscope:
www.periscope.tv/CRyanSchadel (@CRyanSchadel)
The disclosures in Items 2.03, 3.02, 5.03 and 5.07 of this
Current Report on Form 8-K are incorporated by reference into
this Item 7.01.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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10.1 |
Convertible Promissory Note issued by AlumiFuel Power |
|
10.2 |
Convertible Promissory Note issued by AlumiFuel Power |
About ALUMIFUEL POWER CORPORATION (OTCMKTS:AFPW)
AlumiFuel Power Corporation is an early production stage alternative energy company that generates hydrogen gas and superheated steam through the chemical reaction of aluminum, water, and proprietary additives. The Company operates primarily through its subsidiaries, NovoFuel, Inc. (Novofuel), AlumiFuel Power, Inc. (API) and AlumiFuel Power Technologies, Inc. (APTI). Hydrogen generated by its products fill inflatable devices, such as weather balloons, feed fuel cells for portable and back-up power, and replace hard-to-handle and high pressure K-Cylinders. The Company’s hydrogen/heat output is also being designed and developed to drive turbine-based underwater propulsion systems and auxiliary power systems, and as the fuel for flameless ration heaters. The Company’s first commercially available product is the PBIS-1000 portable balloon inflation device. The Company has not generated any revenues. ALUMIFUEL POWER CORPORATION (OTCMKTS:AFPW) Recent Trading Information
ALUMIFUEL POWER CORPORATION (OTCMKTS:AFPW) closed its last trading session 00.00000 at 0.00040 with 43,317,185 shares trading hands.