BIOSOLAR, INC. (OTCMKTS:BSRC) 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 Financial Obligation.
On March 20, 2017 (the Effective Date), Biosolar, Inc. (the
Company) issued and sold a promissory note (the Promissory Note)
in the aggregate principal amount of $500,000 to an accredited
investor, of which $25,000 was advanced upon issuance of the
Promissory Note and the balance to be advanced at the discretion
of the lender. The principal and interest under the Promissory
Note is due and payable twelve (12) months from the Effective
Date of the Promissory Note. The Promissory Note bears interest
at a rate of 10% per annum and is convertible into shares of
common stock of the Company at a price of the lesser of (a) $0.13
per share of the Companys common stock, (b) Fifty Percent (50%)
of the lowest trade price of the Companys common stock recorded
on any trade day after the Effective Date or (c) the lowest
effective price per share granted to any person or entity,
including the investor but excluding officers and directors of
the Company, after the Effective Date to acquire common stock of
the Company, or adjust, whether by operation of purchase price
adjustment, settlement agreements, exchange agreements, reset
provision, floating conversion or otherwise, any outstanding
warrant, option or other right to acquire common stock of the
Company or outstanding common stock equivalents.
In connection with the sale of the Promissory Note, the Company
relied upon the exemption from registration provided by Section
4(a)(2) of the Securities Act of 1933, as amended, for
transactions not involving a public offering.
The foregoing description of the Promissory Note does not purport
to be complete and is qualified in its entirety by reference to
the complete text of the form of Promissory Note filed as Exhibit
10.1 hereto, which is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity
The information set forth in Item2.03 is incorporated by
reference into this Item3.02.
Item 9.01 Financial Statements and Exhibits.
|10.1||Form of Promissory Note|
About BIOSOLAR, INC. (OTCMKTS:BSRC)
BioSolar, Inc. is engaged in developing technologies and materials for storing electrical energy produced by photovoltaic solar modules. The Company offers BioBacksheet, a green back sheet for photovoltaic solar panels. BioBacksheet is a bottom layer of the conventional photovoltaic panels that provides electrical insulation, protection from the environment, and an increase in the panel output. It also focuses on the development of polymer-based components for supercapacitors and batteries. It offers bio-based components for thermal and durability requirements of solar module manufacturing processes. It also offers multiple versions of its bio-based back sheet. The mono-layer BioBacksheet version is designed for conventional crystalline silicon (c-Si) solar modules, as well as for certain thin film solar modules. These back sheets are available in rolls of film for direct use in lamination and roll-to-roll assembly systems. It uses Nylon 11 in its BioBacksheet. BIOSOLAR, INC. (OTCMKTS:BSRC) Recent Trading Information
BIOSOLAR, INC. (OTCMKTS:BSRC) closed its last trading session up +0.0016 at 0.0416 with 6,164 shares trading hands.