TraqIQ, Inc. announced a private placement of 20% OID senior secured convertible promissory note for proceeds of $1,900,000 on October 21, 2022. The transaction included participation form five accredited investors including Glen Miller for $62,500. The OID Note matures after one year, bears interest at the rate of 10% per annum and has no prepayment penalty.

In the event of a default by the company under the OID Note, the outstanding principal and interest will be convertible by the holder into common stock at a conversion price equal to the lower of (i) $.015 per share and (ii) an amount equal to 90% of the average of the two lowest volume weighted average prices of the common stock for the five consecutive trading days prior to the conversion date.