SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 18, 2017, Sharing Services, Inc. (the “Company”) closed a financing transaction whereby the Company borrowed the sum of Sixty-Three Thousand dollars ($63,000.00) from an accredited investor, Power Up Lending Group Ltd. (the “Lender”). The transaction involved (i) the issuance by the Company in favor of the Lender of a Convertible Promissory Note (the “Note”) in the principal amount of $63,000.00 and (ii) the entering into of a Securities Purchase Agreement by the Company and the Lender (the “SPA”). The Note accrues interest at the rate of Twelve percent (12%) per annum with the principal amount and all accrued interest being due and payable on February 20, 2018. At the option of the Lender, the Note is convertible into shares of the Company’s common stock at any time following 180 days from its issuance. The foregoing description of the Note and the accompanying SPA, both dated May 15, 2017, is a summary only and is qualified in its entirety by the full text of the Note and SPA, which are filed as Exhibits 1.1 and 1.2 hereto, respectively, and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number
Description
Location
1.1
Convertible Promissory Note dated May 15, 2017 issued
Provided herewith
by Sharing Services, Inc., in favor of Power Up Lending
Group Ltd., in the principal amount of Sixty-Three
Thousand dollars ($63,000.00).
1.2
Securities Purchase Agreement dated May 15, 2017 by
Provided herewith
and between Sharing Services, Inc. and Power Up Lending
Group Ltd.
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.