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 November 2, 2018, the Company entered into a financing agreement with Syndimate LLC (“Syndimate”) to which the Company agreed to sell to Syndimate certain future trade receipts in the aggregate amount of $330,000. Net proceeds from this transaction were $239,000 and were net of an initial financing fee of $11,000 and applicable financing costs, calculated at an implied discount rate of 32% per annum. Under the terms of the agreement, borrowings are payable in equal daily installments of approximately $2,063 over a term of approximately five and one-half months.
On November 27, 2018, Sharing Services, Inc. (the “Company”) entered into a financing agreement with Libertas Funding LLC (“Libertas”) to which the Company agreed to sell to Libertas certain future trade receipts in the aggregate amount of $635,000. Net proceeds from this transaction were $490,000 and were net of an initial financing fee of $10,000 and applicable financing costs, calculated at an implied discount rate of 27% per annum. Under the terms of the agreement, borrowings are payable in equal daily installments to Libertas of approximately $4,320, subject to change at the Sharing Services, Inc.’s discretion, over a term of approximately five months.
On November 30, 2018, Sharing Services, Inc. (the “Company”) entered into a financing agreement with eMerchant Advance LLC (“eMerchant”) to which the Company agreed to sell to eMerchant certain future trade receipts in the aggregate amount of $635,000. Net proceeds from this transaction were $485,000 and were net of an initial financing fee of $15,000 and applicable financing costs, calculated at an implied discount rate of 27% per annum. Under the terms of the agreement, borrowings are payable in equal daily installments to eMerchant of approximately $4,320, subject to change at the Sharing Services, Inc.’s discretion, over a term of approximately five months.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit Number |
Description of Exhibit |
Location |
| 10.1 |
Receipts Purchase and Sale Agreement dated November 2, 2018 by and between Sharing Services, Inc. and Syndimate LLC. |
Provided herewith |
| 10.2 |
Agreement of Sale of Future Receipts dated November 27, 2018 by and between Sharing Services, Inc. and Libertas Funding LLC. |
Provided herewith |
| 10.3 |
Agreement for the Purchase and Sale of Future Receipts dated November 30, 2018 by and between Sharing Services, Inc. and eMerchant Advance LLC. |
Provided herewith |
Sharing Services, Inc. Exhibit
EX-10.1 2 ex10_1apg.htm EXHIBIT 10.1 EXHIBIT 10.1 EXHIBIT 10.1 5455 Wilshire Blvd. Suite 950 Los Angeles CA 90036 | 213-213-5237 RECEIPTS PURCHASE AND SALE AGREEMENT This Receipts Purchase and Sale Agreement (Agreement) dated 11/02/2018 between Syndimate (“PURCHASER”) and the merchant listed below MERCHANT INFORMATION Merchant’s Legal Name: Sharing Services Inc D/B/A: Sharing Services Inc State of Incorporation / Organization: TX Federal Tax ID: 30-0869786 Type of entity: Limited Liability Company (LLC) Physical Address: 1700 Coit Rd,…
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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.