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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 15, 2024
AWAYSIS
CAPITAL, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
000-21477 |
|
27-0514566 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
3400
Lakeside Dr, Suite 100, Miramar, Florida 33027
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (855) 795-3311
(Former
Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
☐ |
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)) |
Securities
Registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
N/A |
|
N/A |
|
N/A |
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 Agreement. |
The
information set forth in Item 2.03 is incorporated by reference into this Item 1.01.
Item
2.03. |
Creation
of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
On
November 15, 2024, Awaysis Capital, Inc. (the “Company”) borrowed an initial tranche of $250,000, evidenced by
a Secured Promissory Note (the “Note”), under a planned committed Line of Credit (“Line of Credit”) with
BOS Investment Inc. (“BOS”) to borrow up to an aggregate of $5,000,000 (the “Loan”). BOS is an affiliate of
Michael Singh, the Company’s Chairman and Co-CEO. The Company expects to use the proceeds from the Loan for the acquisition
of an additional operating property in Belize from Chial Mountain Ltd., another affiliate of Mr. Singh, and other targeted acquisitions,
and to complete the development of the Company’s Awaysis Casamora property.
Interest on the Note portion of the Loan is
3.5% per annum (subject to late payment penalties), and the maturity date is twelve months. The Note is secured by a first priority
lien on substantially all of the assets of the Company.
The
Note contains customary events of default, which entitle BOS, among
other things, to accelerate the due date of the unpaid principal and accrued and unpaid interest of the Note.
Additional
definitive documentation regarding the Line of Credit has not yet been negotiated or entered into; however the Company
expects the Note will be rolled into the definitive documents relating to the full Line of Credit once finalized and executed.
The
foregoing description of the Note is not complete, and is qualified in its entirety by reference to the full text of the Note, which
is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item
9.01 |
Financial
Statements and Exhibits. |
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 thereunto duly authorized.
Date:
November 19, 2024 |
|
|
|
|
AWAYSIS
CAPITAL, INC. |
|
|
|
|
By: |
/s/
Andrew Trumbach |
|
Name: |
Andrew
Trumbach |
|
Title: |
Co-CEO
and CFO |
Exhibit
10.1
THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT
TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT OR SUCH LAWS.
SECURED
PROMISSORY NOTE
$250,000.00
USD |
Broward,
Florida |
|
Date:
November 15, 2024 |
FOR
VALUE RECEIVED, AWAYSIS CAPITAL, INC., a Delaware Corporation headquartered in Florida hereinafter collectively referred to as
the “Borrower,” promises to pay to the order of BOS Investment Inc., hereinafter referred to as “Holder”
at 800 Brickell Ave, 4th Floor, Miami, FL 33131 or at such other place as Holder may from time to time designate, the sum
of TWO HUNDRED FIFTY THOUSAND AND NO/100 ($250,000.00) UNITED STATES DOLLARS that was borrowed in BELIZE DOLLARS at the rate of $2BZD
to $1BZD for a total sum of FIVE HUNDRED THOUSAND AND NO/100 ($500,000.00) BELIZE DOLLARS with interest as hereinafter provided from
the date hereof until this Note has been paid in full.
Interest
shall accrue and be payable at the fixed annual rate of THREE AND ONE HALF percent (3.5%) per annum.
The
Borrower has elected to roll this Note over into a promissory note to be executed at a later date. The payment provisions and due date
of the new twelve month promissory note, if any, shall be binding.
If
any principal or interest payment hereunder is not made within five (5) days after it is due (“Grace Period”), Borrower shall
pay Holder a late charge equal to six percent (6%) of the late payment amount.
The
use of loan under this Note shall be for business purposes only namely the acquisition and development of real property.
The
payment of this Note is secured by:
|
1. |
First
Position UCC-1 Financing Statement (“Financing Statement”) of even date herewith from to be recorded with the Florida
Secretary of State (the “Registry”), as permitted by Florida Statutes. Awaysis Capital, Inc. a Delaware corporation headquartered
in Florida hereby grants to and creates in Holder a lien upon and interest in all assets of the Debtor including, but not limited
to, any and all equipment, customer list, databases, computer software, servers, computers, intellectual rights of any kind or nature,
telephone numbers, cellular telephones and their cellular telephone numbers, fixtures, inventory, accounts, chattel paper, documents,
instruments, investment property, general intangibles, letter-of-credit rights and deposit accounts now owned and hereafter acquired
by Debtor (collectively, the “Collateral”). Upon full payment of this Note, Holder shall promptly terminate the Financing
Statement, file any necessary documents to evidence such termination, and pay for any costs of termination. |
Each
of the following events shall constitute an “Event of Default” hereunder: (i) the failure of Borrower to make timely payment
after the Grace Period; or (ii) the default by Borrower in the performance or observance of any agreement, covenant, term, or condition
contained in this Note, where such default shall not have been remedied within ten (10) days after written notice thereof is sent by
Holder to Borrower specifying the nature of the item to be remedied, or if the breach cannot be remedied in ten (10) days if the Borrower
has taken affirmative steps to cure the default the time period shall be extended so long as Borrower is working to cure the default;
or (iii) an assignment for the benefit of the creditors of Borrower or Guarantor or the failure of Borrower or Guarantor generally not
to pay their respective debts as they become due; or (iv) the entry of any order, judgment or decree under the bankruptcy, reorganization,
compromise, arrangement, insolvency, readjustment of debt or other similar laws of any jurisdiction adjudicating Borrower or Guarantor
bankrupt or insolvent; or (v) the filing by, or against or on behalf of Borrower or Guarantor of any petition, complaint or other application
to any tribunal for, or the consent by Borrower or Guarantor to the appointment of, a trustee, receiver, custodian, liquidator or similar
official, of Borrower or Guarantor or of any substantial part of the assets of Borrower or Guarantor; or (vi) the commencement of a voluntary
or involuntary case under the Bankruptcy Code of the United States or any proceedings relating to Borrower or Guarantor under the bankruptcy,
insolvency, or moratorium law of any other jurisdiction, whether now or hereafter in effect; or (vii) the commission or occurrence of
a default or event of default by Borrower or Awaysis Capital, Inc. under any financial obligations with a commercial lender, Awaysis
Capital, Inc.’s landlord, or any other type of loan made to Borrower or Awaysis Capital, Inc. which is not cured after all applicable
cure periods; (vii) any default or event of default under the any credit card debt of Awaysis Capital, Inc.; or (ix) the commission or
occurrence of a default or event of default by any Guarantor under the Guaranty; or (x) any sale or transfer of the Collateral without
the prior written consent of Holder, which consent Holder may withhold in its sole and absolute discretion. Any time period that ends
on a Saturday, a Sunday, or a legal holiday shall be extended until the following business day, and the notice shall be effective on
the dates and times as set forth herein.
In
the event of default in the payment of any payment of principal and/or interest which may become due hereunder, when and as the same
fall due, Holder shall have the right at its election to declare the indebtedness evidenced by this Note to be immediately due and payable
with interest to date of payment. No delay in making such election shall be construed to waive the right to make such election.
Further,
in the event of insolvency of, general assignment by, judgment against, filing of petition of bankruptcy by or against, filing of petition
for reorganization of, filing of application in any court for receiver for, or issuance of a writ of garnishment or attachment in a suit
or action against the Borrower or against any assets of the Borrower, or on the happening of any one or more of said events, Holder shall
have the right at its election to declare the indebtedness evidenced by this Note to be immediately due and payable with interest to
date of payment. No delay in making such election shall be construed to waive the right to make such election.
Borrower
and all endorsers, sureties, and guarantors hereof, if any, hereby jointly and severally waive demand, presentment, protest, notice of
protest, notice of dishonor and all other requirements necessary to hold any such obligor liable hereunder. Neither any failure nor any
delay on the part of Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof, nor shall
a single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. No
modification, amendment or waiver of any provisions of this Note shall be effective unless in writing and signed by Holder, and then
the same shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on Borrower in
any case shall entitle Borrower to any other or further notice or demand in the same, similar or other circumstances.
Upon
the occurrence of a default by Borrower hereunder, Borrower shall promptly pay upon demand all costs, fees, charges and expenses, including
but not limited to reasonable attorneys’ fees and cost, incurred by Holder in collecting the indebtedness evidenced hereby and
enforcing the terms of this Note, whether or not a lawsuit is actually filed.
Any
provision of this Note that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction. In no event shall the amount of interest payable hereunder exceed the maximum rate of interest
allowed by applicable law, and in the event that any such payment is paid by Borrower or received by the Holder, then such excess sum
shall be returned to Borrower with interest at the Applicable Interest Rate.
This
Note may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the
same instrument. In addition, this Note may contain more than one counterpart of the signature page, and this Note may be executed by
the affixing of the signatures of each of the Parties to one of such counterpart signature pages, and shall be read as though one, and
they shall have the same force and effect as though all of the signatories had signed a single signature page. Further, each party hereby
consents to this Note being executed by and through DocuSign format. It being understood and agreed that any signature (including any
electronic symbol or process attached to, or associated with, a contract or other record and adopted by a natural person with the intent
to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction,
and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually
executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the Uniform Electronic Transactions Act or any similar state law based on
the electronic signatures, and the parties hereby waive any objection to the contrary. It being expressly agreed that a facsimile, email
or other electronically transmitted of this Note shall be deemed as an original for all purposes, including enforcement thereof.
The
provisions of this Note shall be binding upon the Borrower and its successors and assigns. This Note shall be construed in accordance
with and governed by the laws of the State of Florida.
[Signature
Page Follows Remainder of Page Intentionally Left Blank]
IN
WITNESS WHEREOF, Borrower has caused this instrument to be executed and delivered in its name as of the day and year first above
written.
BORROWERS:
Awaysis
Capital, Inc. |
|
|
|
|
By: |
/s/
Andrew Trumbach |
|
|
Andrew
Trumbach, Co-CEO |
|
Date: |
11/15/2024 |
|
|
|
|
HOLDER: |
|
|
|
BOS
Investment Inc. |
|
|
|
|
By: |
/s/
Michael Singh |
|
|
Michael
Singh, Director |
|
Date: |
11/15/2024 |
|
Borrower:
Awaysis
Capital, Inc.
3400
Lakeside Drive
Suite
100
Miramar,
FL 33027
Holder:
BOS
Investment Ltd Inc.
800
Brickell Ave
4th
Floor
Miami,
FL 33131
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Awaysis Capital (PK) (USOTC:AWCA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Awaysis Capital (PK) (USOTC:AWCA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024