CANNASYS, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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000-54476
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88-0367706
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(State or other jurisdiction of
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(Commission File Number)
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(IRS Employer
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incorporation or organization)
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Identification No.)
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1350 17th Street, Suite 150
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Denver, Colorado
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80202
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(Address of principal executive offices)
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(Zip code)
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Registrant's telephone number, including area code:
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Phone: (720) 420-1290
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(Former name or former address, if changed since last report)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit
Number*
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Title of Document
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Location
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Item 10
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Miscellaneous
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10.35
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Amendment to 10% Convertible Note and Securities Purchase Agreement dated February 9, 2016
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Attached
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* | All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. |
CANNASYS, INC.
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Dated: February 12, 2016
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By:
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/s/ Michael A. Tew
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Michael A. Tew, Chief Executive Officer
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(1)
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Twelve (12%) percent per annum interest rate on the 12% Convertible Note;
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(2)
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Company paid to Kodiak an Original Issue Discount ("OID") equal to 20% of the Principal Amount of the 12% Convertible Note.
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(3)
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Thirty-five (35) day lookback [for conversion price calculation];
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(4)
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A clause indicating that: if the sale price at any time falls below $0.10 then the 50% conversion figure shall be reduced to 25%. Additionally, if the Company ceases to be a reporting company pursuant to the 1934 Act or if the Note cannot be converted into free trading shares after 181 days from the issuance date, an additional 25% discount will be attributed to the conversion price;
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(5)
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If Company does not promptly provide a board of directors' resolution and an opinion from Company counsel, at the time of conversion, the Company agrees to accept an opinion of counsel to the holder of the Note which opinion will be issued at the Company's expense and the conversion dollar amount will be reduced by $2,000 to cover the cost of such legal opinion;
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(6)
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If delivery of the Common Stock issuable upon conversion of this Note is not delivered by the deadline the Company shall pay $2,000 per day in cash for each day beyond the deadline that Company fails to deliver such Common Stock, or at EMA Financial's option such sum shall be added to the Principal Amount of the Note in which event interest shall accrue;
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(7)
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Company is required at all times to have authorized and reserved ten (10) times the number of shares that is actually issuable upon full conversion of the 12% Convertible Note;
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By:
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/s/ Felicia Preston
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Name:
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Felicia Preston
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Title:
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Director
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By:
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/s/ Michael Tew
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Name: Michael Tew
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Title: CEO
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