ID Global Solutions Corporation (OTCMKTS:IDGS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an
Off-Balance Sheet Arrangement of a Registrant
Item 3.02 Unregistered Sales of Equity
Securities
On December 1, 2016 through December 27, 2016, the Company
entered into and closed Securities Purchase Agreements with
several accredited investors (the December 2016 Accredited
Investors) to which the December 2016 Accredited Investors
invested an aggregate of $1,275,000 (the Offering) into the
Company in consideration of Promissory Notes (the Notes) and an
aggregate of 1,912,500 shares of common stock. The Notes are
payable one year from the date of issuance and bear interest of
10% per annum for the initial six months of the term of the Notes
and 15% per annum for the remaining six months of the term of the
Notes. The Notes may be prepaid in whole or in part by the
Company at any time without penalty; provided, that any partial
payment of principal must be accompanied by payment of accrued
interest to the date of prepayment. Any payment made to the
December 2016 Accredited Investors which is not a full payment of
all principal and interest on all of the Notes will be made pro
rata to the 2016 Accredited Investors based on the respective
principal amounts of the Notes.
As of the date hereof, the Company is obligated on Notes in the
principal amount of $1,275,000in connection with the Offering.
TheNotes are adebt obligation arising other than in the ordinary
course of business, which constitutes a direct financial
obligation of the Company.
The above offers and sales of the securities were made to
accredited investors and the Company relied upon the exemptions
contained in Section 4(2) of the Securities Act and/or Rule 506
of Regulation D promulgated there under with regards to the
sales. No advertising or general solicitation was employed in
offerings the securities. The offers and sales were made to
accredited investors and transfer of the securities was
restricted by the Company in accordance with the requirements of
the Securities Act of 1933.
The foregoing information is a summary of each of the agreements
involved in the transactions described above, is not complete,
and is qualified in its entirety by reference to the full text of
those agreements, each of which is attached an exhibit to this
Current Report on Form 8-K.Readers should review those agreements
for a complete understanding of the terms and conditions
associated with this transaction.
Item 9.01Financial Statements and Exhibits
| Exhibit No. | Description |
|
4.1 |
Form of Securities Purchase Agreement by and between ID |
| 4.2 |
Form of Promissory Note issued to the December 2016 |
About ID Global Solutions Corporation (OTCMKTS:IDGS)
ID Global Solutions Corporation, together with its subsidiaries, is a provider of biometric identification, identity management and electronic transaction processing services. The Company offers solutions for fingerprint-based identity management and electronic transaction processing. It offers technologies that are intended to provide solutions in the areas, including Identity Management, such as handheld identification devices and biometric finger print matching algorithms and associated software applications; Payment Processing, which includes multi-factor out of band authentication platform software and services, and a multi-application electronic transaction software platform with open and closed loop payment application capability. It provides biometric identification services to government and public sector organizations, seeking to verify and manage identities for a range of security purposes, such as issuing identity cards and exercise of rights, such as voting in elections. ID Global Solutions Corporation (OTCMKTS:IDGS) Recent Trading Information
ID Global Solutions Corporation (OTCMKTS:IDGS) closed its last trading session 00.000 at 0.300 with 28,100 shares trading hands.