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NOTE 10. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2021
Notes  
NOTE 10. SUBSEQUENT EVENTS

NOTE 10.  SUBSEQUENT EVENTS

 

On July 7, 2021, 16,000 shares of Series C Convertible Preferred Stock were converted to 160,000,000 shares of common stock.

 

On July 22, 2021, 16,000 shares of Series C Convertible Preferred Stock were converted to 160,000,000 shares of common stock.

 

On August 5, 2021, 16,000 shares of Series C Convertible Preferred Stock were converted to 160,000,000 shares of common stock.

 

A complaint against the Company, dated June 9, 2021 was field in Salt Lake County Utah by Iliad Research and Trading, L.P. (“Iliad”), a former noteholder, alleging that the Company failed to timely deliver warrant shares pursuant a Notice of Exercise of Warrant, Iliad sought damages exceeding $1.4 million; however on July 8, 2021 the company and Iliad entered into a Settlement Agreement whereby the Company will issue 363,185,553 shares of Common Stock to Iliad within 45 days.

 

On July 19, 2021, Beyond Commerce, Inc., a Nevada corporation (the “Company”), issued a convertible promissory note (the “Note”) in favor of Geordan G. Pursglove, the Company’s Chairman and Chief Executive Officer, in the principal amount of $1,500,000, in satisfaction of Mr. Pursglove’s accrued salary owing of $1,239,800 and $260,200 for loss on settlement.  The Note accrues interest at 2% per annum, with the principal and interest payments due in twelve equal monthly installments.  At the holder’s election, the Note is convertible, into shares of the Company’s common stock, at a price per share equal to 100% of the average closing price of the Company's common stock for the five trading days immediately preceding the date of such conversion (the “Conversion Price”).

 

A complaint against the Company, dated July 29, 2021, has been filed in the United States District Court of Nevada, by Discover Growth Fund, LLC. (“Discover”), a current stockholder, for claims related to the issuance of the shares of Series C Preferred Stock during the first quarter of 2021. The Company disputes such claims and is currently weighing alternative strategies, including a potential settlement with Discover.