20/20 GeneSystems Inc. announced a private placement of minimum 9,995 convertible promissory notes for minimum gross proceeds of $9,995.40 and maximum gross proceeds of $4,999,995 on August 15, 2022. The company is raising funding through crowd-funding platform StartEngine Capital, LLC. The company will pay 5.5% fee to the crowdfunding platform in the transaction and service fee of 3.5% in the transaction.

The company will accept oversubscriptions in the transaction. The notes will be issued at discount rate of 10%. The notes will have a maturity date of February 28, 2025.

The notes will bear annual interest rate of 6% per annum. The notes will be convertible into common share of the company when it raised $100,000 in a qualified equity financing. The minimum investment accepted per investor is $500.

The company will issue securities pursuant to exemptions provided under Regulation C. The securities issued in the transaction have a hold period of one year, post the closing. The transaction is expected to close on November 15, 2022.