Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On January 22, 2018, IIOT-OXYS, Inc., a Nevada corporation (the "Company"), issued a Senior Secured Convertible Promissory Note in the principal amount of $500,000 to Sergey Gogin (the "2018 Note"). In addition, on March 6, 2019, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $50,000 to YVSGRAMORAH LLC (the "2019 Note" and, together, with the 2018 Note, each, a "Note" or, together, the "Notes").

The Company has entered into several amendments to each of the Notes which have extended the maturity dates of each of the Notes to March 1, 2024.

On March 1, 2024, the Notes matured without payment by the Company and the Notes went into default. Under the Notes, the Company had ten Trading Days (as defined in the Notes) to cure the defaults; however, the Company failed to do so.

Due to the defaults, under the Notes, the outstanding principal plus liquidated damages, interest and other amounts owing through the date of acceleration, are now, at the holder's election, immediately due and payable in cash. Commencing ten Trading Days after the occurrence of the defaults (i) the principal amounts on each Note were increased 20%, (ii) the number of warrant shares exercisable pursuant to warrants previously issued to the Note holders were increased from 50% to 100%, and (iii) the Note holders have the right to appoint a Board member to join the Company's Board of Directors.

We are currently in negotiations with these lenders to negotiate new terms and believe that new terms will be agreed to in the near future.

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IIOT-OXYS Inc. published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 19:21:02 UTC.