Freestone Resources, Inc. (OTCMKTS:FSNR) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On January 18, 2019, Freestone Resources, Inc., a Nevada corporation (the “Company”), filed with the Securities and Exchange Commission a Current Report on Form 8-K disclosing the Company’s receipt on January 14, 2019, of written notice that: (i) the unpaid principal and accrued interest on the Company’s Promissory Note (the “Note”) in the original principal amount of $1,382,064 payable to Infinity Web Systems, Inc. 401K Profit Sharing Plan (the “Creditor”) had been accelerated due to an uncured default in payment on the Note; and (ii) the Creditor intended to proceed with foreclosure of the collateral securing the Note.
On February 19, 2019, the Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2018, that on February 4, 2019, the parties had amended the Note to provide for: (i) a payment of $116,308 to bring the Note current; (ii) monthly payments of $12,000 interest only from February, 2019, through July, 2019; (iii) the resumption of monthly payments of $45,905 beginning in August, 2019; and (iv) extension of the final maturity date of the Note to June, 2021.
On February 27, 2019, the Company made its scheduled payment of $116,308 to bring the Note current.
Item 7.01 Regulation FD Disclosure.
See Item 9.01, Exhibit 99, for a copy of the Company’s Press Release dated March 7, 2019, announcing that the Note is no longer in default along with certain other matters.
The information contained in this Item 7.01 and Item 9.01 inExhibit 99is being furnished, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under such Section 18. Furthermore, the information contained in this Item 7.01 and inExhibit 99shall not be deemed to be incorporated by reference into our filings under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(b)Exhibits.
| Exhibit No. Exhibit Description |
| 99 Press Release dated March 7, 2019 |
FREESTONE RESOURCES, INC. Exhibit
EX-99 2 ex99.htm PRESS RELEASE DATED MARCH 7,…
To view the full exhibit click here
About Freestone Resources, Inc. (OTCMKTS:FSNR)
Freestone Resources, Inc. is an oil and gas technology development company. The Company is engaged in developing and marketing technologies and solvents designed for various sectors in the oil and gas industry. Its products and services include Off-The-Road (OTR) Tire Services and Petrozene. Its Petrozene is used to dissolve paraffin buildup, and it is used for pipelines, oil storage tanks, oil sludge build up, de-emulsification, well treatment, as a corrosion inhibitor and as a catalyst in opening up formations thereby aiding in oil production. Its subsidiaries include C.C. Crawford Retreading Company, Inc. (CTR) and Freestone Dynamis Energy Products, LLC (FDEP). CTR is an OTR tire company. Its primary business is to repair, recycle, dispose of and sell OTR tires, which are used in industrial equipment. It provides services to various international OTR tire dealers. FDEP operates and manages the specialized pyrolysis process that is used to create Petrozene and other byproducts.