UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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reported):
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Item 1.01 Entry into a Material Definitive Agreement
On September 30, 2021, AppTech Corp. (“AppTech”) entered into a Debt Conversion Agreement with a debt holder to convert the principal and interest on a note between the parties. The conversion was associated with larger efforts by AppTech to cure the default on a number of outstanding notes. Debt holders were provided the option to convert their outstanding debt at a conversion rate of $1 per share or forbear all payments and interest for a period of one-year in exchange for a one-time equity bonus equal to 5% of the principal balance of each respective note issued as common stock at a rate of $1 per share. To date, fourteen debt holders opted to restructure AppTech’s debt. Six debt holders entered Debt Conversion Agreements converting $1,018,793 into 1,018,793 shares of common stock. Further, eight debt holders entered into Forbearance Agreements forbearing $2,110,405.
Item 8.01 Other Events
On October 3, 2021, AppTech released a press release announcing the defaulted debt being cured. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
| 10.1 | Form Debt Conversion Agreement |
| 10.2 | Form Forbearance Agreement |
| 10.3 | Debt Conversion Agreement dated September 30, 2021, by and among AppTech Corp. and Robert Davis |
| 99.1 | Press Release, dated October 3, 2021 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| APPTECH CORP. | ||
| Dated: October 7, 2021 | By: | /s/ Luke D’Angelo |
| Name: | Luke D’Angelo | |
| Title: | Chief Executive Officer | |
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