USA EQUITIES CORP. (OTCMKTS:USAQ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Effective September 30, 2020, the Company issued a Convertible Promissory Note in the principal amount of $88,016 to its majority shareholder in consideration for advances previously made to the Company. This note bears interest at the rate of 6% per annum and is due and payable on December 31, 2022. The Note is convertible into shares of common stock at a price of $1.00 per share.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by this Item 2.03 is included under Item 1.01 of this Current Report on Form 8-K.
Item 3.02. Unregistered Sales of Equity Securities.
Issuance of Convertible Preferred Note
Effective September 30, 2020, the Company issued a Convertible Promissory Note in the principal amount of $88,016 to its majority shareholder in consideration for advances previously made to the Company. This note bears interest at the rate of 6% per annum and is due and payable on December 31, 2022. The Note is convertible into shares of common stock at a price of $1.00 per share.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
| 10.1 | Convertible Promissory Note, dated as of September 30, 2020 |
USA EQUITIES CORP. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 USA EQUITIES CORP. CONVERTIBLE PROMISSORY NOTE Principal Amount: $88,…
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About USA EQUITIES CORP. (OTCMKTS:USAQ)
USA Equities Corp., formerly American Biogenetic Sciences, Inc., is a shell company. The Company focuses to seek new business opportunities, including seeking an acquisition or merger with an operating company. The Company’s subsidiary, USA Equities Trust, Inc., is engaged in acquiring real estate. The Company was engaged in the research, development and marketing of cardiovascular and neurobiology products for the purpose of commercial development and vaccines distribution. The Company’s products were designed for in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products had been identified for use in the treatment of epilepsy, migraine and mania, neurodegenerative diseases, coronary artery diseases and cancer. The Company has no operations.