INDOOR HARVEST CORP (OTCMKTS:INQD) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 Entry Into a Material Definitive Agreement.
As previously disclosed, on September 14, 2018, Indoor Harvest Corp (the “Company”) entered into an 8% Fixed Convertible Promissory Note (the “Note”) with Tangiers Global, LLC (the “Lender”), in the aggregate principal amount of up to $550,000, with an initial principal amount of $170,000, which included a $153,000 payment of the purchase price to the Company and a 10% original issue discount (“OID”) in the amount of $17,000.
On December 13, 2018, the Company and the Lender entered into Amendment #1 to the Note (“Amendment #1”). Amendment #1 is dated December 12, 2018, however, the funds were paid on December 13 and the document was fully executed on December 14. The Lender agreed, to Amendment #1, to make a payment to the Company in the amount of $171,050 ($155,500 in cash and $15,550 in OID) under the Note. The Company agreed that within two months of the payment it would use the proceeds as follows: $65,000 for general and administrative expenses, $17,500 for HPA Pilot Systems, $25,000 for the audit of the 2018 financial statements, $20,000 for legal expenses, $8,000 for accounting expenses, and $20,000 for the proxy statement and special meeting related to the amendment and restatement of the Company’s certificate of formation.
The foregoing description of Amendment #1 is only a summary of the material terms of Amendment #1, does not purport to be complete, and is qualified in its entirety by reference to Amendment #1, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Indoor Harvest Corp Exhibit
EX-10.1 2 ex10-1.htm AMENDMENT #1 TO THE $550,…
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About INDOOR HARVEST CORP (OTCMKTS:INQD)
Indoor Harvest Corp. is a design-build contractor for the vertical farming and indoor farming industry. The Company’s principal lines of business are engineering, procurement and construction services, as well as manufactures a range of indoor farming fixtures and equipment. It provides production platforms, mechanical systems and complete custom designed build outs for both Controlled Environment Agriculture (CEA) and Building Integrated Agriculture (BIA). Its technologies include greenhouse production, hydroponics, aquaculture, aquaponics and aeroponics. It offers a vertical farm racking system with integrated light emitting diode (LED) lighting. Its vertical farm racking system is used for both aeroponic and hydroponic layered crop production within a CEA or BIA operation. It offers services under the Indoor Harvest brand. Its products include Indoor Harvest Modular HP-Aeroponics Platform, Indoor Harvest Shallow Raft VFRack Platform and Indoor Harvest Low Tide VFRack Platform.