VAPIR ENTERPRISES, INC. (OTCMKTS:VAPI) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITYIVE AGREEMENT
On March 27, 2017, the Company entered into two transactions. One
transaction was with Brio Master Capital Fund, Ltd. (the Brio
Fund) and the other was with Alpha Capital Anstalt (the Alpha
Capital). Each of the two transactions are described below.
Brio Master Capital Fund, Ltd.
With respect to the Brio Fund, we entered into the first
amendment (the First Brio Amendment) to that certain 6%
Convertible Debenture dated April 3, 2015 in the original stated
principal amount of $150,000.00) (the Brio Debenture) as
previously issued to the Brio Fund.
Under the terms of the First Brio Amendment, the Company and the
Brio Fund agreed to amend the Brio Debenture so that, as amended:
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From and at all times after January 1, 2016, the Conversion Price (as defined in the Brio Debenture) shall be equal to Ten Cents ($0.10) subject to adjustment as otherwise provided in the Brio Debenture. |
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The Maturity Date of the Brio Debenture was extended to 5:00 P.M., July 26, 2018 at which time all accrued and unpaid principal and interest is due and payable. |
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The Brio Fund agreed to waive all claims, rights, and interests to receive any and all Late Fees (as defined in the Brio Debenture and waive and release all other claims against the Company arising out of or related to the Companys non-payment of all prior interest amounts, principal amounts, Late Fees, and all other fees, charges or claims arising out of the terms of the Brio Debenture or as provided by applicable law. |
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The Brio Fund acknowledged and agreed that no Event of Default (as defined in the Brio Debenture) had occurred from the date of issuance of the Brio Debenture to the date of the First Brio Amendment. |
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The Brio Fund further acknowledged and agreed that the Company was not in violation of any covenants set forth in the Bio Debenture. |
Alpha Capita Anstalt
With respect to Alpha Capital, we entered into the first
amendment (the First Alpha Amendment) to that certain 6%
Convertible Debenture dated April 3, 2015 in the original stated
principal amount of $350,000.00 (the Alpha Debenture) as
previously issued to Alpha Capital.
Under the terms of the First Alpha Amendment, the Company and
Alpha Capital agreed to amend the Alpha Debenture so that, as
amended:
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From and at all times after January 1, 2016, the Conversion Price (as defined in the Alpha Debenture) shall be equal to Ten Cents ($0.10) subject to adjustment as otherwise provided in the Alpha Debenture. |
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The Maturity Date of the Alpha Debenture was extended to 5:00 P.M., July 26, 2018 at which time all accrued and unpaid principal and interest is due and payable. |
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The Alpha Fund agreed to waive all claims, rights, and interests to receive any and all Late Fees (as defined in the Alpha Debenture and waive and release all other claims against the Company arising out of or related to the Companys non-payment of all prior interest amounts, principal amounts, Late Fees, and all other fees, charges or claims arising out of the terms of the Alpha Debenture or as provided by applicable law. |
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Alpha Capital acknowledged and agreed that no Event of Default (as defined in the Alpha Debenture) had occurred from the date of issuance of the Alpha Debenture to the date of the First Alpha Amendment. |
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Alpha Capital further acknowledged and agreed that the Company was not in violation of any covenants set forth in the Alpha Debenture. |
We believe that as a result of the First Brio Amendment and the
First Alpha Amendment we believe that we may have a better
opportunity to raise additional capital and otherwise meet our
financial needs on terms that may be more reasonable.
However, there can be no assurance that we will be successful in
raising any additional capital or, if we are successful, that we
will be able to do so in sufficient amounts and on terms that are
reasonable in light of our current circumstances and market
conditions.
About VAPIR ENTERPRISES, INC. (OTCMKTS:VAPI)
Vapir Enterprises, Inc., formerly FAL Exploration Corp., is engaged in inventing, developing and producing aromatherapy devices and vaporizers. The Company’s aromatherapy devices utilize heat and convection air, and thereby extract natural essences and produce fresh fragrances. Its vaporizer products include Prima, which is a digital vaporizer that supports extracts and botanicals; VapirRise 2.0 Ultimate, which is designed for loose-leaf herbs and essential oils; VAPIR NO2, which is designed for loose-leaf herbs and direct inhalation, and VAPIR Oxygen Mini Corded, which is designed for loose-leaf herbs and direct inhalation. It sells over 100 different accessories and spare parts that ranges from replacement batteries, replacement mouthpieces, recharging pieces, and all other essential accessories and spare parts. It offers various aromatherapy essential oils and herbs for its vaporizer users. Its subsidiary, Vapir, Inc., specializes in the technology of digital aromatherapy. VAPIR ENTERPRISES, INC. (OTCMKTS:VAPI) Recent Trading Information
VAPIR ENTERPRISES, INC. (OTCMKTS:VAPI) closed its last trading session 00.0000 at 0.0292 with 14,800 shares trading hands.
