Item 1.01 Entry into a Material Definitive Agreement
On April 7, 2020, Sharing Economy International Inc (the "Company") and Power Up
Lending Group Ltd., ("Power Up") entered into a Securities Purchase Agreement,
whereby the Company issued a note to Power Up (the "Power Up Note") in the
principal amount of $83,000 with additional tranches of up to $1,000,000 in the
aggregate over the next twelve (12) months, subject to the discretion of both
parties. The Power Up Note is a convertible into shares of the common stock of
the Company at a price equal to 65% of the average of the two (2) lowest trading
prices for the Company's common stock during the twenty (20) trading day period
ending on the latest complete trading day prior to the conversion date. The
foregoing description of the Share Exchange Agreement does not purport to be
complete and is qualified in its entirety by reference to the complete text of
the Agreement Power Up Note, which is incorporated herein by reference and
attached hereto as exhibit 10.1.
On April 14, 2020, Sharing Economy International Inc (the "Company") and Black
Ice Advisors, LLC ("Black Ice") entered into a Securities Purchase Agreement,
whereby the Company issued a note to Black Ice (the "Black Ice Note") in the
principal amount of $110,000 in exchange for a total investment of $100,000. The
Black Ice Note is a convertible into shares of the common stock of the Company
at a price equal to 60% of the lowest trading price of the Company's common
stock for the fifteen (15) prior trading days including the day upon which a
Notice of Conversion is received by the Company. The foregoing description of
the Share Exchange Agreement does not purport to be complete and is qualified in
its entirety by reference to the complete text of the Agreement and Black Ice
Note, which is incorporated herein by reference and attached hereto as exhibit
10.3 and 10.4.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Securities Purchase Agreement dated April 5, 2020 by and between
Sharing Economy International Inc And Power Up Lending Group Ltd.
10.2 Power Up Lending Group Convertible Promissory Note
10.3 Securities Purchase Agreement dated April 14, 2020 by and between
Sharing Economy International Inc And Black Ice Advisors, LLC.
10.4 Black Ice Advisors Convertible Redeemable Note
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