OZOP SURGICAL CORP. : Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, Unregistered Sale of Equity Securities (form 8-K)

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial

          Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On January 16, 2020, Ozop Surgical Corp. (the "Company") received via email from Spinal Resources, Inc ("SRI") notice that the Exclusive Licensing Agreement dated August 23, 2019, between SRI and the Company has been revoked, as the Company did not cure the default as reported in the Current Form 8-K filed January 10, 2020.

Additionally, the Company had not cured the payment default of the Company's Promissory Note (the "Note"), issued to SRI, dated August 26, 2019, within the ten- day cure period provided for in the Note, and SRI has accelerated the remining note balance (approximately $600,000) as immediately due.

Item 3.02 Unregistered Sales of Equity Securities.

On January 13, 2020, the Company issued 14,383,091 shares of common stock to Auctus Fund LLC ("Auctus") in partial satisfaction of its obligations under, and the holder's election to convert a $1,227 principal portion, a $1,436 interest portion and $500 of fees of, the Company's convertible promissory note issued to Auctus on November 15, 2018.

On January 16, 2020, the Company issued 15,100,786 shares of common stock to Auctus in partial satisfaction of its obligations under, and the holder's election to convert a $1,041 principal portion, a $573 interest portion and $500 of fees of, the Company's convertible promissory note issued to Auctus on November 15, 2018.

These issuances of these shares of Company common stock were made in reliance on the exemption from registration provided by Sections 3(a)(9), 4(a)(1) and 4(a)(2) of the Securities Act as the common stock was issued in exchange for debt securities of the registrant held by each shareholder for the requisite holding period, there was no additional consideration for the exchange, there was no remuneration for the solicitation of the exchange, there was no general solicitation, and the transactions did not involve a public offering.

© Edgar Online, source Glimpses