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EX-10.1 - EXHIBIT 10.1 - Red Cat Holdings, Inc.tfvr0807form8kexh10_1.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): August 7, 2018

 

TimefireVR Inc.

 

(Exact name of registrant as specified in its charter)

 

 

Nevada   814-00175   86-0490034
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

7150 E. Camelback Rd.

Suite 444

Scottsdale AZ

 

 

85251

 

(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (602) 617-8888

 

(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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Effective August 7, 2018, (the “Effective Date”) TimefireVR Inc., a Nevada corporation (the “Company”) borrowed $76,000 from an institutional investor (the “Investor”) and issued the Investor a 5% Original Issue Discount Promissory Note (the “Note”) in the total principal amount of $80,000. The Note matures on the sixth month anniversary of the Effective Date and bears interest at 12% per annum. The Note automatically becomes due and payable upon the Company closing a financing through which the Company receives proceeds of at least $125,000.

The foregoing description of the Note is a summary only and is qualified in its entirety by the full text of the Note which is filed as an exhibit hereto and incorporated herein by reference.

 

Item 3.02 Unregistered Sales of Equity Securities.

In disclosing the issuance of the Note under this Item 3.02, the Company does not admit that the Note is a security as defined under the applicable federal and state securities laws. The disclosure included under Item 2.03, above, is incorporated by reference herein. If the Note is deemed a security, it has not been registered under the Securities Act of 1933 (the “Act”) and was issued and sold in reliance upon the exemption from registration contained in Section 4(a)(2) of the Act and Rule 506(b) promulgated thereunder since the Company reasonable believes the Investor is an accredited investor as defined by Rule 501.

 

Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description
10.1 Form of Note

  

 
 

 

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 thereunto duly authorized.

 

 

  TimefireVR Inc.
   
Date: August 8, 2018 By: /s/ Jonathan Read                
  Name: Jonathan Read
  Title: Chief Executive Officer