VPR BRANDS, LP (OTCMKTS:VPRB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
On December 13, 2018, VPR Brands, LP (the “Company”) issued a promissory note in the principal amount of $100,001 (the “December 2018 Frija/Hoff Note”) to Kevin Frija and Dan Hoff. Mr. Frija is the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant stockholder of the Company. Mr. Hoff is the Company’s Chief Operating Officer. The principal amount due under the December 2018 Frija/Hoff Note bears interest at the rate of 24% per annum, permits Messrs. Frija and Hoff to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on December 13, 2019. The December 2018 Frija/Hoff Note is unsecured.
The foregoing description of the December 2018 Frija/Hoff Note is not a complete description of all of the rights and obligations of the parties thereto under the December 2018 Frija/Hoff Note, and is qualified in its entirety by reference to the December 2018 Frija/Hoff Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On December 13, 2018, the Company issued the December 2018 Frija/Hoff Note to Messrs. Frija and Hoff. The terms of the December 2018 Frija/Hoff Note are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
VPR Brands, LP. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,…
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About VPR BRANDS, LP (OTCMKTS:VPRB)
VPR Brands, LP, formerly Soleil Capital L.P., is a technology holding company. The Company is engaged in the electronic cigarette and personal vaporizer industry. The Company is also engaged in product development for the vapor or vaping market, including e-liquids. The Company owns a portfolio of electronic cigarette and personal vaporizer patents. It designs, markets and distributes a range of e-liquids under the HELUIM brand; designs, markets and distributes electronic cigarettes; prosecutes and enforces its rights; licenses its intellectual property, and develops private label manufacturing programs. The Company’s disposable electronic cigarettes feature a one-piece construction that houses all the components and is utilized until the nicotine or nicotine free solution is depleted. Rechargeable electronic cigarettes feature a rechargeable battery and replaceable cartridge. The personal vaporizers feature a tank and a chamber, a heating element and a battery.
