October 6, 2020 -- InvestorsHub NewsWire -- via Edgar -- Effective 30 September 2020, Data443 Risk Mitigation, Inc. (the “Company”) entered into an agreement with an existing lender to amend and revise the terms of an existing Note and Warrant, each issued on 18 March 2020.
 
The Note, issued in the original principal amount of $125,000 and having a variable conversion feature with a 25% discount to the market price, was exchanged for a new promissory note (the “New Note”), which provides as follows:
 
(1) The principal balance of the New Note shall be $325,000, which includes all accrued and unpaid interest;
 
(2) No further interest shall accrue on the New Note so long as there is no event of default;
 
(3) The maximum amount which can be converted into shares of common stock of the Company is $325,000;
 
(4) Conversions into common stock under the New Note shall be effected at the lowest closing stock price during the five (5) days preceding any conversion, with -0- discount and a conversion price not below $0.007;
 
(5) No prepayment premiums or penalties; and
 
(6) Maturity date for the New Note shall be 30 September 2021.
 
The Warrant was originally issued in the amount of 250,000 shares. However, as a result of the reset features in the Warrant, the warrants increased by 273,066,138 for the period ended June 30, 2020. The Warrant was exchanged with the Note for the issuance of the New Note. As a result, effective 30 September 2020, the warrant has been cancelled in all respects and is no longer of any force and effect.
 
The foregoing descriptions of the New Note and the cancellation of the Warrant do not purport to be complete and are qualified in their entirety by the actual language contained in the New Note.

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DATA443 Risk Mitigation (PK) (USOTC:ATDS)
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