Exactus, Inc. (OTCMKTS:EXDI) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k

7 years ago

Exactus, Inc. (OTCMKTS:EXDI) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01

Entry into a Material Definitive Agreement.

On June 28, 2017, Exactus, Inc. (the Company) issued to two of
the Companys executive officers, Timothy Ryan and Philip J.
Young, a promissory note (the Promissory Note) in the principal
amount of $100,000, which amount may be drawn upon by the Company
as bridge financing for general working capital purposes. The
Promissory Note accrues interest at a rate of 8.0% per annum and
matures on the earlier of (i) one (1) year from the date of the
Promissory Note, and (ii) the closing the sale of the Companys
securities in a single transaction or a series of related
transactions from which at least $500,000 of gross proceeds are
raised.

The description of the Promissory Note as set forth above is
qualified in its entirety by reference to the full Promissory
Note, which is attached as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated by reference into this Item 1.01.

Item 2.03

Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.

Reference is made to the disclosure set forth under Item 1.01 of
this Current Report on Form 8-K, which disclosure is incorporated
herein by reference.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits.

ExhibitNo.	Description
10.1	Promissory Note issued by Exactus, Inc. to Timothy Ryan and Philip J. Young, dated June 28, 2017.

Exactus, Inc. ExhibitEX-10.1 2 ex10-1.htm PROMISSORY NOTE SEC Connect Exhibit 10.1 EXACTUS,…To view the full exhibit click here
About Exactus, Inc. (OTCMKTS:EXDI)
Exactus, Inc. (Exactus), formerly Spiral Energy Tech, Inc., is a life science company. The Company will develop and commercialize Point-of-Care (POC) diagnostics for measuring proteolytic enzymes in the blood based on a detection platform. The Company’s primary business focus will be the development and commercialization of the FibriLyzer and related technology licensed by Exactus. The Company’s products will employ a disposable test biosensor strip combined with a portable hand held detection unit that provides a result in approximately 30 seconds. The Company intends to file to gain regulatory approval and launch its products in the United States and Europe.