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

On June 28, 2017, Exactus, Inc. (the “Company”) issued to two of the Company’s 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 Company’s 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.

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.

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.