Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed in the Current Report on Form 8-K filed on October 21,
2021 by Metavesco, Inc. (the "Company") with the Securities and Exchange
Commission on October 18, 2021, the Company issued a promissory note in the
principal amount of $100,000 (the "Note") to Ryan Schadel, who is the Company's
Chief Executive Officer, sole director and majority stockholder of the Company.
The principal amount due under the Note bears interest at the rate of 0.01% per
annum. Any unpaid principal amount and any accrued interest is due on October
18, 2022; provided, however, that Mr. Schadel may demand payment of all or any
portion of the outstanding principal amount of, and accrued interest under, the
Note be paid at any time. The Note is unsecured and there is no prepayment
penalty.
On August 29, 2022, the Company entered into an Amendment to Demand Promissory
Note, dated August 29, 2022, by and between the Company and Mr. Schadel (the
"Note Amendment"). Pursuant to the terms of the Note Amendment, the maturity
date of the Note was extended to October 23, 2023, and the interest rate of the
Note was increased to 5% as of and following August 29, 2022. As consideration
for extension of the maturity date, the Company agreed to issue to Mr. Schadel
15,000 shares of the Company's common stock. The Company issued such shares to
Mr. Schadel on August 29, 2022.
The foregoing description of the Note Amendment does not purport to be complete
and is qualified in its entirety by reference to the Note Amendment, a copy of
which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is
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 above in Item 1.01 above is incorporated by reference
into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
10.1 Amendment to Demand Promissory Note, dated as of August 29, 2022,
issued by the registrant to Ryan Schadel.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses