VIASPACE Inc. (OTCMKTS:VSPC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
Haris Basit Senior Convertible Promissory Note Dated March 2, 2018
On March 2, 2018, Haris Basit, Vice Chairman of Board of Directors of the Registrant, made a $4,975 loan to the Registrant in conjunction with the Loan Agreement entered into with the Registrant on November 30, 2016. In the Loan Agreement, Basit agreed, subject to satisfaction of certain conditions, including among other things, Basit’s satisfaction with the use of proceeds of past loans, to provide loans of up to $100,000 as required by the Registrant for a two-year period. The loans would be evidenced by a Convertible Note. The loans accrue interest at 8% per annum. At Basit's election, the notes are convertible into shares of Registrant common stock at a price equal to 20% of the average closing price of the Registrant's common stock for the 20 trading days immediately preceeding the date of the loan. Each note matures on the first anniversary of the issuance date of such note. If Basit chooses to convert, the $4,975 loan made on March 2, 2018 would convert into 32,947,020 shares of Registrant common stock at a common stock price of $0.000151 per share.
Including the newest loan, Basit has made cumulative loans to the Registrant totaling $83,975 since the execution of the Loan Agreement.
The Note for the loan on March 2, 2018 is attached hereto as Exhibit 10.1.
Notice of Conversion of March 2, 2018 Haris Basit Loan
On March 2, 2018, Haris Basit, Vice Chairman of Board of Directors of the Registrant, in conjunction with the Loan Agreement entered into with the Registrant on March 2, 2018 converted $4,975 of loans that he previously made to the Registrant into shares of Registrant common stock.
Basit had made a $4,975 loan to the Registrant on March 2, 2018. The $4,975 loan owed to him converted into 32,947,020 shares of Registrant common stock at a conversion price of $0.000151 per common share.
Item 3.02 Unregistered Sales of Equity Securities.
On March 2, 2018, the Registrant issued 32,947,020 shares of Registrant common stock to Haris Basit, Vice Chairman of Board of Directors of the Registrant, related to a loan on March 2, 2018. The shares were issued related to the conversion by Basit of one convertible note as discussed in detail in Item 1.01. The Registrant relied upon Section 4(2) of the Securities Act of 1933, as amended, for the offer and sale of its stock. It believed that Section 4(2) was available because the offer and sale was not a public offering of its securities and there was no general solicitation or general advertising involved in the offer or sale.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
VIASPACE Inc. ExhibitEX-10.1 2 vspc-ex101_6.htm EX-10.1 vspc-ex101_6.htm EX 10.1 NEITHER THE ISSUANCE AND SALE OF THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,…To view the full exhibit click here
About VIASPACE Inc. (OTCMKTS:VSPC)
VIASPACE Inc. (VIASPACE) is a renewable energy company. The Company’s renewable energy is based on biomass in particular its license to an energy crop, Giant King Grass (GKG), which the Company is able to commercialize across the world, except for the People’s Republic of China (China) and the Republic of China (Taiwan). It focuses on GKG, a natural hybrid, non-genetically modified perennial grass which the Company is growing as an energy crop that can be used to generate low carbon and renewable electricity by direct burning in a biomass power plant, and can be made into pellets that can replace some of the coal in existing power plants. GKG may also be used to produce bio methane through anaerobic digestion and as a feedstock for non-food liquid biofuels, such as bio ethanol and bio butanol. It can also be used as a feedstock for biochemicals and bio plastics. GKG can also be used as a feedstock to make cellulosic biofuels, such as bio ethanol, bio butane and green gasoline.