CARDIFF INTERNATIONAL, INC. (OTCMKTS:CDIF) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01 Completion of Acquisition or Disposition of Assets
Cardiff International, Inc. (OTCBB: CDIF) announced today they entered into an LOI (Letter of Intent) to acquire Ride Today Acceptance, LLC (RTA).
Founded in January 2015, RTA capitalizes on a unique and profitable financing opportunity in the U.S. sub-prime motorcycle financing market. RTA has spent the last two years building a financial infrastructure and expanding its dealer footprint. As of January 1st, 2017, RTA has 204 dealers in 15 states. 2016 garnered over $6.5MM in original loans, ending the year with a portfolio of over $7MM with losses of less than 1.6%. Acquisitions are subject to completion of an independent audit.
Item 3.02 Unregistered Sales of Equity Securities.
On January 24, 2017, the Company entered into two separate Convertible Note agreements with Greentree Financial Group, Inc., consisting of a Line of Credit Agreement and a Financial Advisory Agreement.
The Line of Credit Agreement allows for the Company to borrow up to $250,000 and $80,000 in Financial Services both from Greentree, which will be evidenced by various promissory notes, which will accrue interest at a rate of 15% per annum, and 10% per annum respectfully. In addition, the notes will be convertible at a price equal to 50% 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 20% 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.
About CARDIFF INTERNATIONAL, INC. (OTCMKTS:CDIF)
Cardiff International, Inc. is a holding company with holdings of various companies. The Company is focused on the acquisition of undervalued companies with high growth potential, income-producing commercial real estate properties, and high return investments. Its segments include Mobile home lease (We Three), and Company-owned Pizza Restaurants (Romeo’s NY Pizza). The mobile home lease segment establishes mobile home business as an option for a homeowner wishing to avoid down payments, maintenance costs, monthly mortgage payments and high property taxes. The Company-owned Pizza Restaurant segment includes sales and operating results for all Company-owned restaurants. The Company, through Mission Tuition, offers a merchant shopping network in America consisting of merchants offering in-store savings and coupon savings with local, regional and national merchants throughout America. With each purchase, members earn rebates, which go directly into their educational savings account. CARDIFF INTERNATIONAL, INC. (OTCMKTS:CDIF) Recent Trading Information
CARDIFF INTERNATIONAL, INC. (OTCMKTS:CDIF) closed its last trading session 00.000 at 0.230 with 4,466 shares trading hands.