NUZEE, INC. (OTCMKTS:NUZE) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 27, 2017, NuZee, Inc. (the “Company”) entered into a loan agreement with an investor to which the investor agreed to loan the Company $100,000 at an annual interest rate of 1% per year, payable in full together with accrued interest on June 30, 2017. The loan was evidenced by a promissory note. On May 9, 2017, the Company and the lender executed addenda to both the loan agreement and the promissory note which provided the lender the option, at the lender’s discretion, to convert the unpaid principal amount due, or any portion thereof, plus any accrued interest thereon, into shares of the Company’s common stock at a conversion price equal to the lesser of (i) $0.51, or (ii) the market price per share on exercise date. The lender may exercise his right to convert at any time.
On March 31, 2017, Masateru Higashida, the Company’s majority shareholder, entered into a Convertible Note Purchase Agreement with an investor to which the investor agreed to purchase a Convertible Promissory Note in the principal amount of $600,000 (the “Convertible Note”). On March 31, 2017, the investor chose to convert the total principle ($600,000) and accrued interest ($5,999.98) of the Convertible Note to 1,188,236 shares of the Company’s common stock at $0.51 per share.
On April 1, 2017, the Company entered into loan agreements with two separate investors to which each investor agreed to loan the Company $50,000 at an annual interest rate of 1% per year, payable in full together with accrued interest on June 30, 2017. Total proceeds received by the Company equaled $100,000. The loans were evidenced by promissory notes.
About NUZEE, INC. (OTCMKTS:NUZE)
NuZee, Inc., formerly Havana Furnishings, Inc., manages a portfolio of branded consumer packaged goods. The Company is a start-up organization, which markets and distributes consumer products primarily in the beverage sector. The Company sells its products directly to consumers through its Website portal, as well as through affiliate online stores and retailers. The Company offers Drip Cup line, which is a pour-over coffee. The Company’s Drip Cup line includes the functional varietals: Lean, Think and Relax Cup. The Company offers Relax Cup for stress reduction. It offers Lean Cup for weight loss. It offers Think Cup for cognitive performance. The Company also offers Nude Drip Cup, Relax Drip Cup for stress reduction, Lean Drip Cup for weight loss and Think Drip Cup for cognitive performance. The Company has manufacturing facility in Vista, California, used for the production of its Drip Cup line. NUZEE, INC. (OTCMKTS:NUZE) Recent Trading Information
NUZEE, INC. (OTCMKTS:NUZE) closed its last trading session 00.000 at 0.510 with 1,000 shares trading hands.
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