Generation Zero Group, Inc. (OTCPK:GNZR) announced a private placement of convertible promissory note from existing lender Richard Morrell, Chief Executive Officer for gross proceeds of $100,000 on July 1, 2014. The note bears an interest rate of 10% per annum and would mature on June 30, 2016. The note is convertible into shares of common stock at a conversion price of $0.08 per share. M. Loev of The Loev Law Firm, PC acted as the legal advisor to the company.

On July 1, 2014, Generation Zero Group, Inc. closed the transaction.