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): July 2, 2020

 

DIGITAL LOCATIONS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

000-54817

20-5451302

(State or other jurisdiction of 
incorporation or organization)

(Commission
File Number)

(IRS Employer 
Identification No.)

 

3700 State Street, Suite 350
Santa Barbara, CA

93105

(Address of Principal Executive Offices)

(Zip Code)

 

(805) 456-7000

(Registrant’s telephone number, including area code)

 

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Ticker symbol(s)

 

Name of each exchange on which registered

N/A

 

N/A

 

N/A

 

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 3.02.  Unregistered Sales of Equity Securities

 

During the period from April 16, 2020 through July 2, 2020, Digital Locations, Inc. (the “Company”) issued a total of 46,936,290 shares of its common stock to three lenders in consideration for multiple conversions of convertible notes payable.  The lenders converted a total of $98,419 debt principal, $7,408 accrued interest payable and $2,500 in conversion fees.  The issuances of the common shares were exempt from registration pursuant to Section 4(a)(2) and 506(b) of Regulation D promulgated under the Securities Act.

 

The common shares were issued to the following lenders:

 

Lender

 

Number of Shares

 

 

Principal

 

 

Accrued Interest

 

 

Conversion

Fees

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redstart Holdings Corp.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note dated 5/24/19

 

 

5,572,078

 

 

$ 15,000

 

 

$ 1,650

 

 

$ -

 

 

$ 16,650

 

Convertible note dated 6/27/19

 

 

16,207,380

 

 

 

33,000

 

 

 

1,650

 

 

 

-

 

 

 

34,650

 

Convertible note dated 8/13/19

 

 

9,142,858

 

 

 

19,200

 

 

 

-

 

 

 

-

 

 

 

19,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crown Bridge Partners LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note dated 1/25/19

 

 

12,855,132

 

 

$ 22,378

 

 

$ 3,800

 

 

$ 2,000

 

 

$ 28,178

 

Convertible note dated 5/23/19

 

 

5,000,000

 

 

 

8,125

 

 

 

-

 

 

 

500

 

 

 

8,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bountiful Capital LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note dated 3/14/16

 

 

682,652

 

 

$ 716

 

 

$ 308

 

 

$ -

 

 

$ 1,024

 

 

As a result of the conversions detailed above, the Restart Holdings Corp. convertible notes payable dated May 24, 2019 and June 27, 2019, and the Crown Bridge Partners LLC convertible note dated January 25, 2019 were extinguished in full.

 

The terms of the above convertible promissory notes are disclosed in Note 5 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on April 14, 2020 and are incorporated herein by reference.

 

 

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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.

 

 

DIGITAL LOCATIONS, INC.

 

 

Date: July 6, 2020

By:

/s/ William E. Beifuss, Jr.

Name:

William E. Beifuss, Jr.

Title:

President and Chief Executive Officer 

 

 

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