NanoFlex Power Corporation (OTCPK:OPVS) announced a private placement of convertible promissory note for gross proceeds of $61,000 on October 29, 2019. The transaction included participation from existing investor JSJ Investments Inc. The note was issued at par, bears a fixed interest rate of 12%, and would mature on October 29, 2020. The investor may convert all or a portion of the outstanding principal of the note to common stock of $0.0001 par value per share of the company at a fixed price equal to $0.25 per share. The investor may not convert the note to the extent that such conversion would result in beneficial ownership by the investor and its affiliates of more than 4.99% of the company’s issued and outstanding common stock. The prepayment amount will be equal to 135% of the principal amount if paid under 90 days from the date of issuance, 140% if paid between 91 to 120 days; and if such prepayment is after the 121st date of the issuance of the note and prior to the pre-payment date, then such redemption premium is 145%, if such prepayment is made after date and before the maturity date, then such redemption premium is 150%. The company paid expenses of $3,000, including $2,000 for the cost of obtaining any and all legal opinions required to obtain the shares; resulting in net proceeds of $58,000. The company must have reserved the amount of shares of shares equal to at least 800% of the number of shares of shares issuable upon conversion of the investor. In the event of default, the note bears a coupon rate of 18% per annum. The note is issued at a discount of 4.92%. The note is convertible into common shares of the company after 180 days following the closing at the variable conversion price at of $0.25 per share, if the conversion is made after the pre-payment date or pursuant to an event, a price equal to a 42% discount to the lowest trading price during the 20 trading days prior to the date of a notice of conversion. In the event of default, the note bears a coupon rate of 18%.