Simlatus Corporation (OTCMKTS:SIML) Files An 8-K Other Events
ITEM 8.01 Other Events.
On March 5, 2020, Simlatus Corporation (“Simlatus”) entered into an Assignment Agreement (the “Agreement”) with Power Up Lending Group LTD (“Power Up”) and Redstart Holdings Corp. (the “Assignee”). to the Agreement, on March 5, 2020, Power Up sold, transferred and assigned to the Assignee, for a purchase price of $150,000 the following two Convertible Promissory Notes (the “Convertible Notes”) originally issued by Simlatus to Power Up: (i) Convertible Promissory Note dated May 13, 2019 in the principal amount of $103,000, and (ii) Convertible Promissory Note dated June 20, 2019 in the principal amount of $53,000.
The Convertible Notes permit the holder thereof to convert the obligations thereunder into shares of common stock of Simlatus at a 39% discount to the market price, subject to the limitation that the holder may not convert any Note if as a result of such conversion it would be the beneficial owner of more than 4.99% of the common stock of Simlatus.
As of March 5, 2020 the balance owed by Simlatus under the Convertible Notes (including accrued interest and penalties) was $220,115.23 and $112,769.48, respectively.
Following the sale of the Convertible Notes to the Assignee, Power Up does not hold any convertible securities of Simlatus.
The foregoing is a summary of the Agreement and the Convertible Notes, does not purport to be complete, and is subject to and qualified in its entirety by reference to the text of the Agreement and the Convertible Notes, which have been filed as exhibits to this Current Report on Form 8-K.
ITEM 9.0 Financial Statements and Exhibits
INDEX TO EXHIBITS
| Exhibit No | Description |
| 10.1 | Assignment Agreement dated March 5, 2020 between Simlatus Corporation, Power Up Lending Group LTD and Redstart Holdings Corp. |
| 10.2 | Convertible Promissory Note dated May 13, 2019, originally issued by Simlatus Corporation to Power Up Lending Group LTD |
| 10.3 | Convertible Promissory Notes dated June 20, 2019, originally issued by Simlatus Corporation to Power Up Lending Group LTD |
Simlatus Corp Exhibit
EX-10.1 2 ex10-1.htm ASSIGNMENT AGREEMENT DATED MARCH 5,…
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About Simlatus Corporation (OTCMKTS:SIML)
Simlatus Corporation, formerly Grid Petroleum Corp., designs, manufactures and sells audio and video broadcast equipment. The Company builds and thoroughly tests these items in-house prior to shipping to its customers. It has a revenue base in the broadcast industry with long-term national and international distribution. Its customers include smaller broadcast customers, which include religious facilities, international broadcast facilities and colleges, as well as radio stations, among others. It sells over 55 different products, which include a range of protection switches, high definition (HD) routers, analog routers, control panels, audio distribution, SyncPal and the SoundPal. The new products include SocialCast AR, Augmented Reality, and Virtual Reality Content Server. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and over-the-top (OTT) application program interface (API) integration into key platforms.
