Spindle, Inc. (OTCMKTS:SPDL) 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 October 17, 2017, Spindle, Inc. (the “Company”) entered into a convertible promissory note (the “Convertible Note”) with Michael Kelly, a director of the Company (the “Holder”). The principal amount of the Convertible Note is $103,000 and matures on October 17, 2018. The Convertible Note accrues interest at the rate of ten percent (10%) per annum. The Convertible Note may be prepaid by the Company with various redemption premiums applicable depending on when the Company prepays the principal balance. The Convertible Note is convertible into shares of the Company’s common stock at a conversion price of thirty-five (35%) discount to the lowest trading price during the previous twenty (20) trading days to the date of a notice of conversion. The Convertible Note is convertible, at the Holder’s election, only after one hundred eighty (180) days after issuance. The foregoing summary of Convertible Note is qualified in its entirety by reference to the full text thereof, which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
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Exhibit No. |
Description |
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10.1 |
Convertible Promissory Note. |
SPINDLE, INC. ExhibitEX-10.1 2 spdl_ex101.htm CONVERTIBLE PROMISSORY NOTE Converted by EDGARwiz NEITHER THIS NOTE NOR THE SECURITIES THAT MAY BE ISSUED BY THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY,…To view the full exhibit click here
About Spindle, Inc. (OTCMKTS:SPDL)
Spindle Inc. (SPDL) provides commerce solutions for payment processing services, point-of-sale systems, and customer marketing to small and medium sized businesses. The Company enables businesses to sell their goods and services, accept payment, and create repeat sales though payment processing and marketing and loyalty programs. It operates as a payment facilitator (PF), which offers instant boarding to its merchants, and the Company has added traditional merchant services to its offering. The Company’s Yowza!! branded point-of-sale (POS) platform supplies business with a full commerce solution, which provides critical business functions, online ordering, inventory management and menu management, online ordering, mobile payment acceptance and Eurocard-MasterCard-Visa (EMV) compliance. It operates a self-service PF platform. As a PF, it provides services to merchants under a process defined by the card associations as Aggregation or Master Merchant.