Item 1.01. Entry into a Material Definitive Agreement.
Laborsmart Note Purchase Agreement & Demand Note
On
The Laborsmart Note bears interest at a rate of 5% per annum and matures on
If an Event of Default (as defined in the Laborsmart Note) occurs, consistent with the terms of the Laborsmart Note, Laborsmart may declare all or any portion of the then outstanding principal amount of the Laborsmart Note, and any accrued and unpaid interest thereon, due and payable in cash, in addition to other remedies at law. In the event that any amount due under the Laborsmart Note is not paid as and when due, such amounts will accrue interest at the rate of 12% per annum until paid.
The foregoing description of the Laborsmart Agreement and the Laborsmart Note does not purport to be complete and is qualified in its entirety by reference to the Laborsmart Agreement and the Laborsmart Note, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and which are incorporated herein by reference.
Zarro Securities Purchase Agreement, Demand Note & Warrant
On
The Zarro Note bears interest at a rate of 5% per annum and matures on
If an Event of Default (as defined in the Zarro Note) occurs, consistent with
the terms of the Zarro Note,
Pursuant to the terms of the Warrant,
The foregoing description of the SPA, the Zarro Note and the Warrant does not purport to be complete and is qualified in its entirety by reference to the SPA, the Zarro Note and the Warrant, copies of which are filed as Exhibits 10.3, 10.4 and 10.5 to this Current Report on Form 8-K and which are 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.
The information provided in Item 1.01 above regarding the Laborsmart Note and the Zarro Note is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits Exhibit No. Description 10.1 Note Purchase Agreement, dated as ofAugust 12, 2022 , by and betweenMetavesco, Inc. andLaborsmart, Inc. 10.2 Demand Promissory Note issued onAugust 12, 2022 byMetavesco, Inc. in favor ofLaborsmart, Inc. 10.3 Securities Purchase Agreement, dated as ofAugust 12, 2022 , by and betweenMetavesco, Inc. andTom Zarro . 10.4 Demand Promissory Note issued onAugust 12, 2022 byMetavesco, Inc. in favor ofTom Zarro . 10.5 Common Stock Purchase Warrant issued onAugust 12, 2022 byMetavesco, Inc. toTom Zarro . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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