SpendSmart Networks, Inc. (OTCPK:SSPC) announced a private placement of a 9% convertible promissory note for gross proceeds of $100,000 on January 23, 2017. The transaction included participation from Isaac Blech; Director of the company. The note carries a fixed coupon of 9% and will mature in six months. The note will be convertible into an upcoming financing in the event the company closes the financing and receives gross proceeds totaling at least $200,000.