Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On May 31, 2018, SWK acquired certain assets of Info Sys Management, Inc. (“ISM”) pursuant to an Asset Purchase Agreement for cash of $300,000 and a promissory note issued in the aggregate principal amount of $1,000,000 (the “ISM Note). In February 2021, the Company issued 119,004 shares of its common stock pursuant to ISM’s conversion of the ISM Note. At the time of conversion, the ISM Note had a balance of $479,111. No further obligations are due and owing pursuant to the ISM Note.
On May 31, 2018, Secure Cloud Services acquired certain assets of Nellnube, Inc. (“Nellnube”) pursuant to an Asset Purchase Agreement for a promissory note issued in the aggregate principal amount of $400,000 (the “Nellnube Note). In February 2021, the Company issued 47,602 shares of its common stock pursuant to Nellnube’s conversion of the Nellnube Note. At the time of conversion, the ISM Note had a balance of $191,645. No further obligations are due and owing pursuant to the ISM Note.
Item 3. Defaults upon Senior Securities
There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.
Item 4. Mine Safety Disclosures
Not Applicable.
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