Item 1.01. Entry into a Material Definitive Agreement.
On September 17, 2021, VPR Brands, LP (the "Company") issued a promissory note
in the principal amount of $100,001 (the "September 2021 Note") to Kevin Frija,
who is the Company's Chief Executive Officer, President, principal financial
officer, principal accounting officer and Chairman of the Board, and a
significant stockholder of the Company. The principal amount due under the
September 2021 Note bears interest at the rate of 24% per annum, and the
September 2021 Note permits Mr. Frija to deduct one ACH payment from the
Company's bank account in the amount of $500 per business day until the
principal amount due and accrued interest is repaid. Any unpaid principal amount
and any accrued interest is due on September 17, 2022. The September 2021 Note
is unsecured.
The foregoing description of the September 2021 Note does not purport to be
complete and is qualified in its entirety by reference to the September 2021
Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form
8-K and which is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information provided above in Item 1.01 above is incorporated by reference
into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
10.1 Promissory Note dated September 17, 2021 issued by VPR Brands, LP to
Kevin Frija.
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