Good Hemp, Inc. announced that it has entered into a securities purchase agreement for private placement of 9% convertible promissory notes with 1800 Diagonal Lending, LLC for aggregate principal amount of $87,500 on July 27, 2022. The note will mature on July 27, 2023, and unpaid principal accrues interest at 5% per annum. The note is convertible into shares of the company's common stock.

The note carries a prepayment penalty if the note is paid off in 180 days following the note date. The prepayment penalty is based on the then-outstanding principal at the time of payoff, plus accrued and unpaid interest, multiplied by 125%. After the expiration of 180 days following the issue date, the company shall have no right of prepayment.

The company shall use its best efforts in the transaction. The company paid legal fees of $3,000 in the transaction.