SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive Agreement

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SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive Agreement

SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

Entry into a Material Definitive Agreement.

The information contained in Item 2.03 below is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.

On December 11, 2018, the Company entered into a Loan Agreement and Promissory Note (“loan agreement”) with Global Payroll Gateway, Inc. to which the Company borrowed the principal amount of $1,000,000. Borrowings under the loan agreement bear interest at 10% per annum and are payable in 51 equal weekly installments of $21,153.85 and a final installment of $21,153.65, with all amounts due and payable by December 11, 2019. Borrowings are pre-payable without penalty, at the option of the Company.

The foregoing description of the loan agreement is a summary only and is qualified in its entirety by the full text of the loan agreement, which his enclosed as Exhibit 10.1 hereto, and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Sharing Services, Inc. Exhibit
EX-10.1 2 ex10-1.htm   EXHIBIT 10.1   LOAN AGREEMENT AND PROMISSORY NOTE   THIS LOAN AGREEMENT AND PROMISSORY NOTE (the “Note”),…
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About SHARING SERVICES, INC. (OTCMKTS:SHRV)

Sharing Services Inc, located in Khon Kaen, Thailand, is focused to market and sell the company’s taxi sharing service via a developed website. The company was incorporated on April 24, 2015.