GLOBAL EQUITY INTERNATIONAL, INC. (OTCMKTS:GEQU) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
As previously reported in our Form 10-Q Quarterly Report for the period ended September 30, 2017, Global Equity International, Inc. (“Company”) has previously entered in funding transactions with Mammoth Corporation (“Mammoth”). In exchange for Mammoth’s funding, the Company has issued a number of convertible debt instruments (“Instruments”) to Mammoth, the terms of which allow Mammoth to convert the principal and interest due under the Instruments into shares of the company’s common stock.
As of December 4, 2017, there were three Instruments outstanding. On December 7, 2017, Mammoth converted one of those Instruments (specifically, the remaining balance of Note 3 to Mammoth) into common stock. As of December 7, 2017, there are two Instruments Notes 4 and 5 to Mammoth) outstanding for an aggregate of $325,015.
to a Rider to the Instruments, Mammoth and the Company agreed to suspend Mammoth’s conversion rights under the two currently outstanding Instruments beginning December 8, 2017 until June 15, 2018, in order to allow the Company to pay the two currently outstanding Instruments in cash, payable in six equal monthly payments of $54,168, beginning January 15, 2018 and ending on June 15, 2018.
Assuming that the Company makes the above payments in a timely manner, there will be no further dilution in the Company’s common stock as a result of conversion of debts due to Mammoth.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits – See “Exhibit Index” set forth below.
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 7, 2017
| GLOBAL EQUITY INTERNATIONAL, INC. | |
| By: | /s/ Enzo Taddei |
| Enzo Taddei | |
| Chief Financial Officer |
EXHIBIT INDEX
List of Exhibits attached or incorporated by reference GLOBAL EQUITY INTERNATIONAL INC ExhibitEX-10.1 2 ex10-1.htm Exhibit 10.1 GLOBAL EQUITY INTERNATIONAL INC. / MAMMOTH CORPORATION NOTES NUMBERS 3,…To view the full exhibit click here
About GLOBAL EQUITY INTERNATIONAL, INC. (OTCMKTS:GEQU)
Global Equity International, Inc. through Global Equity Partners Plc (GEP) and its subsidiary GE Professionals DMCC, provides consulting services, such as corporate restructuring, advice on management buy outs, management recruitment and development for corporate marketing, investor and public relations, regulatory compliance and introductions to financiers, to companies desiring to be listed on stock exchanges in various parts of the world. The Company’s operations are limited to insuring compliance with regional, state and national securities regulatory agencies and organizations. The Company advices and assists its clients in determining the corporate structure, which is suitable to their business models. The Company recommends management changes as per necessity. The Company also offers corporate governance models customized to specific organizations and desired exchange listings. The Company reviews and analyzes balance sheets and capital structures.