• SEC Filings

Item 1.01 Entry into a Material Definitive Agreement; Variable Convertible Debt Payoff and Settlement

On February 5, 2020, Kiwa Bio-Tech Products Group Corporation (the “Company”) executed a Securities Purchase Agreement (the “SPA”) between Labrys Fund, LP (“Labrys”) and the Company, to which Labrys purchased from the Company a Convertible Promissory Note in the principal amount of $375,000.00 (the “Note”) dated February 5, 2020. The Note carries an Original Issue Discount of $37,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of each respective tranche (each a “Maturity Date”). On February 5, 2020, Kiwa Bio-Tech Products Group Corporation (the “Company”) also executed a Securities Purchase Agreement (the “SPA”) between TFK Investments, LLC (“TFK”) and the Company, to which TFK purchased from the Company a Convertible Promissory Note in the principal amount of $375,000.00 (the “Note”) dated February 5, 2020. The Note carries an Original Issue Discount of $37,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche (each a “Maturity Date”). The Note may be prepaid at any time before Maturity Date without any prepayment penalty.

On February 10, 2020, Kiwa Bio-Tech Products Group Corporation (the “Company”), completed a debt settlement, and payoffs of an existing variable convertible debt holder, Firstfire Global Opportunities Fund, LLC, a Delaware limited liability company (the “Investor”). This completed payoff eliminates any further stock conversions by the Firstfire to this debt.

On February 12, 2020, Kiwa Bio-Tech Products Group Corporation (the “Company”), completed a debt settlement, and payoffs of an existing variable convertible debt holder, EMA Financial, LLC, a Delaware limited liability company (the “Investor”). This completed payoff eliminates any further stock conversions by EMA.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

None.

About Kiwa Bio-Tech Products Group Corporation (OTCMKTS:KWBT)

Kiwa Bio-Tech Products Group Corporation develops, manufactures, distributes and markets bio-technological products for agriculture. The Company has acquired technologies to produce and market bio-fertilizer. The Company has developed over six bio-fertilizer products with bacillus spp and/or photosynthetic bacteria as its ingredients. The Company’s products contain ingredients of both photosynthesis and bacillus bacteria. The Company’s products include KiwaBiological Organic Fertilizer, Kiwa Yi Mu Ling, Kiwa Di Fu Kang, Kiwa Microbial Specific Fertilizer For Rice, Kiwa Microbial Specific Fertilizer For Corn, Kiwa Microbial Specific Fertilizer For Potato, Kiwa Microbial Specific Fertilizer For Soybean, Kiwa Microbial Specific Fertilizer For Tea Tree, Kiwa Microbial Specific Fertilizer For Tobacco, Kiwa Microbial Specific Fertilizer For Fruit Trees, Kiwa Microbial Specific Fertilizer For Vegetables and Kiwa Full Effect Type Foliar For Golf Turf.