EXACTUS, INC. (OTCMKTS:EXDI) Files An 8-K Other Events

EXACTUS, INC. (OTCMKTS:EXDI) Files An 8-K Other Events
Item 8.01 Other Events

On November 19, 2020, our registered agent was served with a Complaint filed against the company by 3i, LP. The case was filed in the U.S. District Court for the Southern District of New York and is entitled 3i, LP v. Exactus, Inc., Case No. 1:20-cv-09734. As discussed in our prior SEC filings, we issued 3i, LP an 8% convertible note in the principal amount of $833,333 on November 27, 2019 and the note has been declared in default by the lender. The Complaint seeks alleged amounts due under the note in the amount of $703,268.21. As discussed in our Quarterly Report on Form 10-Q filed November 18, 2020, we are informed and believe that the note, which is governed by New York law, is unlawful under New York usury laws and is legally void. We intend to vigorously defend the action brought by 3i, LP.

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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.

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