On July 31, 2017, Digiliti Money, Inc. entered into a Promissory Note agreement for $200,000 with James L. Davis, a director of the company. The Promissory Note accrues interest at a rate of 4% per annum and represents the senior indebtedness of the company. All principal and accrued but unpaid interest on the Promissory Note will become due and payable on the earlier of the date the company enters into any financing, in the form of debt or equity, and October 29, 2017.