10% two-year convertible was sold to sole investor Long Side Ventures
By Devika Patel
Knoxville, Tenn., April 3 - Intelligent Living Inc. sold a $40,000 10% convertible note to Long Side Ventures LLC on March 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes are due on March 24, 2016 and convertible into common stock at a conversion price based on 50% of the average of the five lowest intraday prices for the stock during the 20 trading days preceding the conversion.
The notes may be prepaid at 150.
The Miami company develops healthy aging software tracking systems and wellness centers.
| Issuer: | Intelligent Living Inc.
|
| Issue: | Convertible note
|
| Amount: | $40,000
|
| Maturity: | March 24, 2016
|
| Coupon: | 10%
|
| Conversion price: | 50% of the average of the five lowest intraday prices for the common stock during the 20 trading days preceding conversion
|
| Call: | At 150
|
| Warrants: | No
|
| Investor: | Long Side Ventures LLC
|
| Settlement date: | March 24
|
| Stock symbol: | OTCBB: ILIV
|
| Stock price: | $0.01 at close March 21
|
| Market capitalization: | $3.84 million
|
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