8-K 1 svtm_8k.htm FORM 8-K



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
Form 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 10, 2017
 
SERVICE TEAM INC.
(Exact name of registrant as specified in its charter)
 
                                           Wyoming
 
61-1653214
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
 
18482 Park Villa Place, Villa Park, California
 
92861
(Address of principal executive offices)
 
(Zip Code)
 
(714) 538-5214
(Registrant's telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ]
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[  ]
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  [_]
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    [_]
 
 
Item 1.01 Entry into a Material Definitive Agreement
 
On November 10, 2017, Service Team Inc (the "Registrant") executed a 12%  Convertible Promissory Note payable to an institutional investor (the "Investor") in the principal amount of $115,000 (the "Note"). The Note, which is due on November 10, 2018 (the "Maturity Date"), was funded by the Investor in the sum of $20,000 and $3,000 was retained by the Investor through an original issue discount or "OID" for due diligence and legal expense related to this transaction. The Note is convertible into shares of the Registrant's common stock, par value $0.001 (the "Shares"), at a conversion price of 50% of the lowest trading price of the Company's common stock during the 25 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note.
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: November 29, 2017
 
 
 
Service Team Inc. 
 
 
  
By:
/s/ Robert L. Cashman
 
Name:
Robert L. Cashman
 
Title:
Chief Executive Officer