Item 1.01. Entry into a Material Definitive Agreement.
On April 13, 2023, China Pharma Holdings, Inc. (the "Company") entered into an
Amendment (the "Amendment"), to the Convertible Promissory Note (the "Note") the
Company issued to an institutional accredited investor Streeterville Capital,
LLC ("Investor") pursuant to a Securities Purchase Agreement (the "Agreement")
dated November 17, 2021.
The Investor and the Company have agreed, according to the terms of the
Amendment, to extend the maturity date of the Note to May 19, 2024. In
consideration to the extension, the Company has agreed to pay to the Investor an
extension fee equal to two percent (2%) of the outstanding balance of the Note,
decrease the price at which the Investor can convert portions of the Note's
outstanding balance to the Company's common stock, and assume an additional
obligation to redeem a portion of the outstanding balance of the Note monthly or
be subject to additional penalty fees. The Amendment also includes customary
representations and warranties by the Company. The outstanding balance of the
Note on April 12, 2023, before the Amendment took effect, was $3,281,970.19. The
outstanding balance of the Note on November 19, 2021, when the Note was
originally issued, was $5,250,000.00, including an original issue discount of
$250,000.00.
The foregoing description is qualified in its entirety by reference to the full
text of the Amendment, a copy of which is filed as Exhibit 10.1 hereto, and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following is filed as an exhibit to this report:
Exhibit
Number Exhibit
10.1 Amendment to Convertible Promissory Note dated April 13, 2023
104 Cover Page Interactive Data File, formatted in Inline Extensible
Business Reporting Language (iXBRL)
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