IFAN FINANCIAL, INC. (OTCMKTS:IFAN) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 – Entry into a Material Definitive Agreement
On May 1, 2017, IFAN Financial, Inc., a Nevada Corporation (the
Company) entered into and closed a securities purchase agreement
with an accredited investor, to which the Company issued, sold to
the investor a convertible promissory note in the principal
amount of $100,000 (the Investment Note) for a purchase price of
$100,000. The Investment Note is convertible into the Companys
common stock at a conversion price equal to 55% of the lowest
closing bid price of the common stock for the thirty trading days
prior to conversion. Repayment of the Investment Note is due one
year from the date of issuance. The Investment Note accrues
interest at the rate of 10% per year, due at maturity. The
Company may prepay the Investment Note, upon five days written
notice and subject to the optional prepayment amount of 130%
multiplied by the then outstanding balance on the Investment
Note. The Company is using these proceeds to pay its outstanding
balances to its service providers, such as its auditor and
bookkeeper, which will allow the Company to move towards becoming
current with its SEC filings again and continue to proceed with
its business plan.
A copy of the Investment Note is filed herewith, as Exhibits
10.01, and is incorporated herein by this reference.
The foregoing summary description of the Investment Note is not
complete and is qualified in its entirety by reference to the
full text of the Investment Note. The Investment Note also
contains customary events of default. For further information
regarding the terms and conditions of the Investment Note, this
reference is made to such agreement, which the Company has filed
as an exhibit to this Current Report on Form 8-K and is
incorporated herein by this reference.
ITEM 2.03 – Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The information provided in response to Item 1.01 of this report
is incorporated by reference into this Item 2.03.
ITEM 3.02 – Unregistered Sales of Equity
Securities.
The information provided in response to Item 1.01 of this report
is incorporated by reference into this Item 3.02.
ITEM 9.01 – Financial Statements and Exhibits
(c) Exhibits:
The following exhibits are filed with this Current Report on Form
8-K.
| Exhibit Number | Description of Exhibit | |
| 10.1 | Form of Convertible Promissory Note. |
About IFAN FINANCIAL, INC. (OTCMKTS:IFAN)
IFAN Financial, Inc. is a development-stage company. The Company is focused to commence operations in the electronic transfer of funds using mobile applications. The Company and its subsidiaries, iPIN Technologies, Inc. and Mobicash America, Inc., design, develop and plan to distribute software that enables payments. It has a portfolio of payment solutions, including a mobile optimized Federal Deposit Insurance Corporation (FDIC)-insured platform with the ability to facilitate on-demand payments, autopay, proximity payments and marketing, and a linked debit card. The Company will additionally deploy a prepaid card program and facilitate off Platform merchant services, IFAN FinTech. The Company’s Platform offers a method for processing transactions. It offers a standalone prepaid card program. The Company provides a range of financial services for merchants separate from the Platform or using select features from it. As of August 31, 2015, the Company had not generated any revenues. IFAN FINANCIAL, INC. (OTCMKTS:IFAN) Recent Trading Information
IFAN FINANCIAL, INC. (OTCMKTS:IFAN) closed its last trading session down -0.00010 at 0.00060 with shares trading hands.
