BIOSOLAR, INC. (OTCMKTS:BSRC) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
As previously reported, Biosolar, Inc. (the “Company”) entered into securities purchase agreements to which it issued convertible notes to various accredited investors, which notes are convertible into shares of the Company’s common stock on the terms and subject to the conditions set forth in the various securities purchase agreements and associated notes. Through the date of this report, certain accredited investors converted an aggregate of approximately $74,560 in principal, interest and fees resulting in the issuance of an aggregate of 31,118,946 shares of common stock.
The securities above were offered and sold to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended, since, among other things, the transactions did not involve a public offering of the securities.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 25, 2020, Dennis Lepon notified the Company’s Board of Directors (the “Board) that he was resigning as a member of the Company’s Board of Directors, effective June 30, 2020. Mr. Lepon did not advise the Board of any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Lepon will continue to provide consulting services to the Company on an as needed basis.
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.