GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Unregistered Sales of Equity Securities
ITEM 3.02UNREGISTERED SALES OF EQUITY SECURITIES
On April 3, 2017, Green EnviroTech Holdings Corp. issued
1,300,000 shares of common stock to H.E. Capital, a related
party, as payment for $30,000 in principal and $100,000 in
accrued interest on an existing promissory note.
On April 12, 2017, we received $100,000 from an unaffiliated
third party in exchange for a promissory note that has an
interest rate of 8% and is due on April 11, 2018. The note is
convertible into common stock at the lower of $0.20 per share or
85% of the market price at the time of conversion.
On May 5, 2017, we received working capital funds in the amount
of $77,500 from Auctus Fund LLC. The note has an interest rate of
10% and is due February 5, 2018. The note can be prepaid any time
during the first 90 days after it was issued at 125% of the
unpaid principal balance, plus interest. The note can be prepaid
at any time during following 90 days at 135% of the unpaid
principal balance, plus interest. After 180 days, the note cannot
be prepaid. The note is convertible into common stock beginning
on August 5, 2017, at the lower of (i) the average of the two
lowest trading prices during the 25 trading days prior to the
date of the Note and (ii) 55% of the average of the two lowest
trading prices for the common stock during the 25 trading days
prior to the conversion date. We placed into escrow 1,428,018
shares of the Companys common stock as security in the event of
default.
On May 1, 2017, we executed a note agreement with EMA Financial,
LLC for working capital funds in the amount of $77,500. These
funds were received on May 16, 2017. The note has an interest
rate of 10% and is due May 1, 2018, but has a one year extension.
The note is convertible into common stock beginning sixty days
following the issue date, at the lower of (i) the closing sale
price of the common stock on the trading day immediately
preceding the closing of the transaction, and (ii) 55% of either
the lowest sale price for the common stock the Principal Market
during the 25 consecutive trading days immediately preceding the
conversion date or the closing bid price, whichever is lower. We
placed into escrow 1,400,000 shares of the Companys common stock
as security in the event of default.
In each instance, these securities were issued following an
arms-length negotiation between the Company and the recipient,
and no general solicitation was used. These securities were
issued in reliance on the exemption from registration provided by
Section 4(a)(2) of the Securities Act of 1933 and the rules and
regulations promulgated thereunder as not involving any public
offering.
About GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH)
Green EnviroTech Holdings Corp., formerly Wolfe Creek Mining, Inc., is a green technology company. The Company has developed a process to produce Brent Grade type oil by using reactor conversion technology, the Green Envirotech (GETH) Process, by utilizing a mixture of waste plastic and waste tires. The conversion process uses pyrolysis technology with additional distillation applications. The GETH Process is a system to convert waste plastics and end of life tires to oil. The process uses electromagnetic pyrolysis to produce oil and syngas when processing the plastic feedstock. The process produces oil, carbon black, steel and syngas along with approximately 45% by weight yield of oil, when processing tires. The use of electromagnetic pyrolysis facilitates gasification. A full-scale plant processing tires consumes approximately 200 tons of feedstock per day and produces over 200,000 barrels of blend-stock oil yearly. GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Recent Trading Information
GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) closed its last trading session 00.000 at 0.151 with 571 shares trading hands.