BioCorRx Inc. (OTCMKTS:BICX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Definitive Material
Agreement.
On March 16, 2017, BioCorRx Inc. (the Company) entered into a
Settlement Agreement with Lucas Hoppel (the Hoppel Settlement
Agreement). As previously disclosed in a Current Report on Form
8-K filed on October 27, 2016 (the October 2016 8-K), Mr. Hoppel
had lent $100,000 to the Company in exchange for a $110,000 8%
Convertible Promissory Note (the Hoppel Note) and 400,000 shares
of the Companys common stock. Through March 16, the Company had
not paid any principal or interest owed to the Hoppel Note and
Mr. Hoppel had not submitted conversion notices to the Company.
to the Hoppel Settlement Agreement, the Company will issue
6,831,000 shares of restricted common stock to Mr. Hoppel and the
Hoppel Note will be considered paid in full.
On March 20, 2017, the Company entered into a Settlement
Agreement with Vista Capital Investments, LLC (the Vista
Settlement Agreement). As previously disclosed in the October
2016 8-K, Vista Capital Investments, LLC (Vista) had lent
$100,000 to the Company in exchange for a $110,000 8% Convertible
Promissory Note (the Vista Note) and 400,000 shares of the
Companys common stock. Through March 20, the Company had not paid
any principal or interest owed to the Vista Note and Vista had
not submitted conversion notices to the Company. to the Vista
Settlement Agreement, the Company will issue 6,831,000 shares of
restricted common stock to Vista and the Vista Note will be
considered paid in full.
Item 1.02 Termination of a Definitive
Material Agreement.
The description in Item 1.01 is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity
Securities.
The description in Item 1.01 of the shares to be issued by the
Company to each of Mr. Hoppel and Vista is incorporated herein.
The issuance of the shares set forth herein was made in reliance
on the exemption provided by Section 4(a)(2) of the Securities
Act of 1933, as amended (the Securities Act) for the offer and
sale of securities not involving a public offering. The Companys
reliance upon Section 4(a)(2) of the Securities Act in issuing
the securities was based upon the following factors: (a) the
issuance of the securities was an isolated private transaction by
us which did not involve a public offering; (b) there were only
two recipients; (c) there were no subsequent or contemporaneous
public offerings of the securities by the Company; (d) the
securities were not broken down into smaller denominations; (e)
the negotiations for the issuance of the securities took place
directly between the individual lenders and the Company; and (f)
the recipients of the securities are accredited investors.
Item 9.01. Financial Statements and
Exhibits.
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(d) Exhibits |
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Exhibit No. |
Description |
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10.1 |
Settlement Agreement with Lucas Hoppel, dated March 16, |
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10.2 |
Settlement Agreement with Vista Capital Investments, LLC |
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About BioCorRx Inc. (OTCMKTS:BICX)
BioCorRx, Inc., formerly Fresh Start Private Management, Inc., is a holding company. The Company is an addiction healthcare solutions company operating in Santa Ana, California. The Company, through its subsidiary, Fresh Start Private, Inc., provides alcoholism and opioid treatment program. It offers a medication-assisted treatment program that combines non-addictive medication coupled with psycho-social counseling. It also distributes and licenses the BioCorRx Recovery Program for alcoholism and opioid addiction treatment. The BioCorRxO Recovery Program consists of over two parts, which include an implant, administered by a licensed physician, of a compounded formulation of the drug, Naltrexone (implanted under the skin) (the Implant), which reduces alcohol cravings over a period of time, and a structured, intensive one on one counseling program developed by it. It offers BioCorRx Recovery Program in over 10 locations, including California, Arizona, Atlanta, Illinois and others. BioCorRx Inc. (OTCMKTS:BICX) Recent Trading Information
BioCorRx Inc. (OTCMKTS:BICX) closed its last trading session down -0.0011 at 0.0900 with 385,769 shares trading hands.