AppYea, Inc. (OTCMKTS:APYP) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
On November 15, 2016, the Company entered into four separate
agreements with Greentree Financial Group, Inc., consisting of a
Financial Advisory Agreement, a Loan Agreement, a Convertible
Promissory Note, and a Warrant.
The Loan Agreement allows for the Company to borrow up to
$250,000 from Greentree, which will be evidenced by various
promissory notes, which will accrue interest at a rate of 12% per
annum, and will include an original issuance discount of 10%. In
addition, the promissory notes will be convertible at a price
equal to 55% of the lowest trading price during the 10 trading
days immediately prior to a conversion date. Greentree shall not
be able to convert the promissory notes in an amount that would
result in the beneficial ownership of greater than 4.9% of the
outstanding shares of the Company, with the exception that the
limitation may be waived by Greentree with 61 days prior notice.
There is a 10% prepayment penalty associated with each of the
promissory notes. Each promissory note conversion shall result in
$1,500 being added to the principal of each promissory note
converted. An initial promissory note of $100,000 was entered
into on November 15, 2016.
The warrant issued to Greentree allows for the purchase of up to
5,000,000 shares of the Companys common stock for a three year
period, expiring on November 15, 2019, with an exercise price of
$0.03 per share. The warrants also contain a cashless exercise
feature, based on a cashless exercise formula. The promissory
note(s) and warrant described herein were sold in reliance upon
an exemption provided by Section 4(2) promulgated under the
Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
In reviewing the agreements included or incorporated by reference
as exhibits to this Current Report on Form 8-K, please remember
that they are included to provide you with information regarding
their terms and are not intended to provide any other factual or
disclosure about the Company or the other parties to the
agreements. The agreements may contain representations and
warranties by each of the parties to the applicable agreement.
These representations and warranties have been made solely for
the benefit of the parties to the applicable agreement and
accordingly, these representations and warranties may not
describe the actual state of affairs as of the date they were
made or at any other time. Additional information about the
Company may be found elsewhere in this Current Report on Form 8-K
and in our other public filings, which are available without
charge through the SECs website at http://www.sec.gov.
Exhibit |
|
Number |
Description |
10.1 |
Loan Agreement dated November 15, 2016. |
10.2 |
Promissory Note dated November 15, 2016. |
10.3 |
Warrant dated November 15, 2016. |
|
About AppYea, Inc. (OTCMKTS:APYP)
AppYea, Inc. is a development-stage company. The Company is engaged in the acquisition, purchase, maintenance and creation of mobile software applications. The Company focuses on various categories, including social networks and gaming. The Company’s portfolio includes Disney/Universal Theme Park Wait Time Map Apps, Katsomoto Games and StreamMe. As of June 30, 2016, the Company had 85 published mobile applications in five different languages. The Company’s primary products are mobile applications. The Company develops internal mobile applications and also acquires existing mobile applications. The Company focuses on acquiring mobile applications that are in development, as well as mobile applications that are ready to be presented to the public. The Company focuses to market and sell its developed and acquired mobile applications under its own name. AppYea, Inc. (OTCMKTS:APYP) Recent Trading Information
AppYea, Inc. (OTCMKTS:APYP) closed its last trading session up +0.00120 at 0.00320 with 399,294 shares trading hands.