Item 1.01 Entry into a Material Definitive Agreement
Amendment and Abatement for Convertible Promissory Notes:
On April 27, 2022, BlackStar Enterprise Group, Inc. (the "Company" or "we"), SE
Holdings, LLC ("Holder 2"), and Adar Alef, LLC ("Holder 2") entered into an
Amendment and Abatement Agreement for $50,000 (the "Agreement," Exhibit 10.1).
Payment for the Agreement was made to Holder 2 on April 28, 2022.
The Company executed a Convertible Promissory Note of the Company with Holder 1,
in the principal amount of $220,000 ("Note 1") on January 28, 2021, upon the
terms and subject to the limitations and conditions set forth in such Note.
Details of and a copy of Note 1 can be found in the Current Report on Form 8-K
filed February 4, 2021 . The Company executed a Convertible Promissory Note of
the Company with Holder 2, in the principal amount of $473,500 ("Note 2") on
April 29, 2021, upon the terms and subject to the limitations and conditions set
forth in such Note. Details of and a copy of Note 2 can be found in the
Quarterly Report on Form 10-Q filed May 17, 2021 . Under the terms of the
Agreement, Holder 1 and Holder 2 collectively agreed to abate the conversion
features under the Notes for a period of forty-five (45) days from April 15,
2022, with the ability to convert the remaining balances of the Notes to common
stock resuming no sooner than May 30, 2022. The abatement may be extended for an
additional thirty (30) days (until June 30, 2022) if the Company pays an
additional $25,000 to Holder 2 on or before May 30, 2022. The Agreement is
attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
See the disclosures under Item 1.01 of this Current Report on Form 8-K,
incorporated herein by reference.
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