XFit Brands, Inc. (OTCBB:XFTB) announced that it has entered into a securities purchase agreement for a private placement of a unsecured promissory note for gross proceeds of $105,000 with new accredited lender, Kodiak Capital Group LLC on May 3, 2016. The note carries a fixed coupon of 15% per annum and would mature on December 31, 2016. The note is issued at an original issue discount of $20,000. The note has a prepayment deadline of November 3, 2016. The company issued the securities pursuant to exemption provided under Regulation D. The company paid legal fees, accounting costs, due diligence, monitoring and other transaction costs amounting to $5,000.