MyDx, Inc. (OTCBB:MYDX) announced that it has entered into an agreement of a convertible promissory note due February 2, 2017 for gross proceeds of $50,000 on January 30, 2016. The transaction will include participation from returning investor Kodiak Capital Group LLC. The note will be convertible into common shares of the company at any time after August 2, 2016 at a conversion price for each share of the company to the current market price multiplied by 50% of the three lowest trading prices for the common shares of the company during the ten trading days period ending on the latest complete trading day prior to the conversion date.

The company will issue maximum of 750,000 common shares upon conversion. The company will issue note at par. The note is repayable on or before February 2, 2017 and is exchangeable for an equal aggregate principal amount of the note of different authorized denominations.

The securities issued are subject to exemption provided under Regulation D. The note may be prepaid by the company at any time without penalty. Daniel Yazbeck represented the company and Ryan Hodson represented the Kodiak Capital Group, LLC in the transaction.