FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
On May 3, 2019, Foothills Exploration, Inc. (the “Company”), entered into an Amendment #1 to the Convertible Promissory Note Issued on November 1, 2018 (the “Amendment”) with Labrys Fund, L.P. (“Lender”) to which the maturity date of the convertible promissory note originally issued by the Company to Lender on November 1, 2018, in the original principal amount of $380,000.00 (the “Note”) has been extended to May 31, 2019.
to the Amendment, should the Company fail to repay remaining balance in the amount of $295,751.25 by May 31, 2019, the Lender shall automatically, immediately and without further action be entitled to all its rights, privileges, and preferences under the Note and the principal balance of the Note shall be deemed to have increased by $2,928.23 effective as of May 3, 2019. The Lender is not permitted to effectuate any conversions under the Note from May 3 until May 31, 2019 unless an event of default occurs under the Note.
The Amendment was deemed a part of, but did not take precedence over and supersede any provisions to the contrary contained in the Note. Except as specifically modified thereby, all of the provisions of the Note, which are not in conflict with the terms of the Amendment, shall remain in full force and effect.
The summary of the transactions described in this Form 8-K is qualified in its entirety by reference to the Amendment #1 to the Convertible Promissory Note Issued on November 1, 2018, which is filed as Exhibit 10.1, to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 10.1 | Amendment #1 to the Convertible Promissory Note Issued on November 1, 2018 |
FOOTHILLS EXPLORATION, INC. Exhibit
EX-10.1 2 ex10-1.htm AMENDMENT #1 TO THE CONVERTIBLE PROMISSORY NOTE ISSUED ON NOVEMBER 1,…
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About FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP)
Foothills Exploration Inc, formerly Key Link Assets Corp., is a shell company. The Company’s business plan is to acquire small and medium grocery stores in non-urban locales that are not directly served by large national supermarket chains. The Company plans to acquire grocery stores that are approximately 15,000 to 20,000 square feet in size. The Company seeks to drive additional customer traffic to its acquired grocery stores and expand their operating margins through the introduction of new products and services to those stores that lack them, including pharmaceutical services, floral departments, gasoline and other automotive products, prepared foods, lottery service and alcoholic beverages. The Company’s stores will sell non-perishable, perishable and non-food products. The products include various categories, such as grocery, frozen and dairy; produce; meat and seafood; bakery; floral; beer, wine and spirits, and health and beauty care.