GOOD HEMP, INC. : Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

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10/10/2019 | 11:24 pm

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN



OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT



On October 8, 2019, the Company borrowed $103,000 from an unrelated third
party. The loan bears interest at a rate of 10% per year and is due and payable
on October 7, 2020. At any time on or before April 5, 2020 the Company may
prepay the loan by paying the Lender the outstanding loan principal and accrued
interest plus premiums ranging from 15% to 35%. After April 5, 2020 the Company
may not repay the loan without the consent of the Lender. At any time after
April 5, 2020 any unpaid principal is convertible into the Company's common
stock at a conversion price equal to the market price of the Company's common
stock multiplied by 65%. "Market Price" means the lowest trading price for the
Company's common stock during the twenty trading days ending on the latest
complete trading day prior to the conversion.

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