Attached files

file filename
EX-10.3 - EX-10.3 - VIASPACE Inc.exhibit3.htm
EX-10.2 - EX-10.2 - VIASPACE Inc.exhibit2.htm
EX-10.1 - EX-10.1 - VIASPACE Inc.exhibit1.htm
 

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   October 24, 2016

VIASPACE Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Nevada 333-110680 76-0742386
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
382 N. Lemon Ave., Ste. 364, Walnut, California   91789
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   626-768-3360

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 1.01 Entry into a Material Definitive Agreement.

Loan Agreement Dated October 24, 2016

On October 24, 2016, Dr. Kevin Schewe, Director of the Registrant, made a $25,000 loan to the Registrant in conjunction with the Loan Agreement entered into with the Registrant on January 25, 2016. In the Loan Agreement, Schewe agreed, subject to satisfaction of certain conditions, including among other things, Schewe’s satisfaction with the use of proceeds of past loans, to provide loans of up to $300,000 as required by the Registrant for a one-year period. The loans would be evidenced by a Secured Convertible Note. The loans accrue interest at 8% per annum and are secured by all assets of the Registrant. At Schewe's election, the notes are convertible into shares of Registrant common stock at a price equal to 20% of the average closing price of the Registrant's common stock for the 20 trading days immediately preceeding the date of the loan. Each note matures on the first anniversary of the issuance date of such note. If Schewe chooses to convert, the $25,000 loan made on October 24, 2016 would convert into 83,333,333 shares of Registrant common stock at a common stock price of $0.0003 per share.

Including the newest loan, Schewe has made cumulative loans to the Registrant totaling $261,000 since the execution of the Loan Agreement.

The Note for the loan on October 24, 2016 is attached hereto as Exhibit 10.1.


Notice of Conversion of October 24, 2016 Loan

On October 24, 2016, Dr. Kevin Schewe, Director of the Registrant, in conjunction with the Loan Agreement entered into with the Registrant on October 24, 2016, converted $25,000 of loans that he previously made to the Registrant into shares of Registrant common stock.

Schewe had made a $25,000 loan to the Registrant on October 24, 2016. The $25,000 loan owed to him converted into 83,333,333 shares of Registrant common stock at a conversion price of $0.0003 per common share.


Employment Agreements

The Registrant entered into an Employment Agreement on October 24, 2016, with Mr. Stephen Muzi, CFO. The Agreement is effective for the period from October 1, 2016 through September 30, 2017. Mr. Muzi will be paid $64,000 annually.

The Agreement is attached hereto as Exhibit 10.2.

The Registrant entered into an Employment Agreement on October 24, 2016, with Dr. Carl Kukkonen, CTO. The Agreement is effective for the period from October 1, 2016 through September 30, 2017. Dr. Kukkonen will be paid $84,000 annually. Additionally, Dr. Kukkonen will be awarded a bonus of 10% of the gross revenue generated by the Company up to a maximum of $100,000.

The Agreement is attached hereto as Exhibit 10.3.





Item 3.02 Unregistered Sales of Equity Securities.

On October 24, 2016, the Registrant issued 83,333,333 shares of Registrant common stock to Dr. Kevin Schewe, Director of the Registrant, related to a loan on October 24, 2016. The shares were issued related to the conversion by Schewe of a convertible note as discussed in detail in Item 1.01. The Registrant relied upon Section 4(2) of the Securities Act of 1933, as amended, for the offer and sale of its stock. It believed that Section 4(2) was available because the offer and sale was not a public offering of its securities and there was no general solicitation or general advertising involved in the offer or sale.





Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit No. Description

10.1 Senior Secured Convertible Promissory Note dated October 24, 2016
10.2 Muzi Employment Agreement dated October 24, 2016
10.3 Kukkonen Employment Agreement dated October 24, 2016






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    VIASPACE Inc.
          
October 24, 2016   By:   Stephen J. Muzi
       
        Name: Stephen J. Muzi
        Title: Chief Financial Officer


Exhibit Index


     
Exhibit No.   Description

 
10.1
  Senior Secured Convertible Promissory Note dated October 24, 2016
10.2
  Muzi Employment Agreement dated October 24, 2016
10.3
  Kukkonen Employment Agreement dated October 24, 2016