Health Discovery Corporation (OTCPK:HDVY) announced a private placement of convertible promissory notes for gross proceeds of $200,000 on April 22, 2019. The transaction included participation from returning investors, George H. McGovern, III, Chairman and Chief Executive Officer of the company and James Dengler. The notes carry fixed interest rate of 8% per annum and are due on July 31, 2019. Pursuant to the terms of the transaction, at any time, the note holders shall have the right to convert the principal and unpaid accrued interest of the additional Promissory Note into Series D Preferred Stock (“Preferred Stock”) of the Company at a conversion price based upon the price of the Company’s common stock on the date of advancement of the loan amount (the “Conversion Price”). The right of conversion (“Optional Conversion”) is solely at the Note Holders’ discretion. In the event that there is a change of control transaction prior to the Maturity Date, the note shall be immediately converted to Preferred Stock of the company. The total number of shares of preferred stock the note holders shall be entitled to upon conversion shall be equal to the number obtained by dividing all principal and accrued but unpaid interest under the Additional Promissory note by the conversion Price