Item 1.01 Entry into a Material Definitive Agreement.
Effective
The Note carries "Guaranteed Interest" on the principal amount at the rate of
10% per annum for the twelve-month term of the Note for an aggregate Guaranteed
Interest
The Company is also required to issue Coventry 3,000,000 restricted shares of its Common Stock as a commitment fee. The issuance of the shares to Coventry will be issued in reliance upon the exemptions from the registration requirements of the Securities Act of 1933, as amended, afforded the Company under Section 4(a)(2) promulgated thereunder.
The foregoing description of the abovementioned Purchase Agreement and Note are not complete and are qualified in their entirety by reference to the text of the abovementioned agreements , which are attached to this Current Report on Form 8-K as Exhibit 10.1 and 10.2 and incorporated in this Item 1.01 by reference.
Item 1.02 Termination of a Material Definitive Agreement.
From the proceeds of the Note, the Company has paid off in full the previous
note that it had entered into Coventry effective
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement by a Registrant
The disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Item 3.02 Unregistered Sales of
The disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 3.02 by reference.
Item 7.01 Regulation FD Disclosure
The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is a press
release of
Item 8.01 Other Events Share Cancellation
On
Item 9.01 Exhibits (d) Exhibits Exhibit Number Description of Exhibit 10.1 Securities Purchase Agreement withCoventry Enterprises, LLC 10.2 10% Promissory Note ofCoventry Enterprises LLC 99.1Forza Innovations Inc. Press Release datedJune 15, 2022 2
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