Solar3D, Inc. Borrows $1,250,000 from Two Accredited Investors
January 31, 2014 at 04:04 pm
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Effective on January 31, 2104, Solar3D, Inc. borrowed $1,250,000 from two accredited investors in order to finance the company's acquisition of Solar United Networks, Inc. The loan is evidenced by two promissory notes bearing simple interest at the rate of 10% per annum, payable in full on or before October 31, 2014 unless the maturity date is extended in the sole discretion of the investors until January 31, 2015, and convertible into shares of the company's common stock at a rate equal to the lesser of $0.05 per share or 50% of the lowest trade price recorded on any trade date after January 31, 2014 prior to the conversion of the promissory notes.
Sunworks, Inc. provides photovoltaic (PV) and battery-based power and storage systems for residential and commercial markets. The Company's commercial projects include commercial, agricultural, industrial, and public works projects. It operates through three segments: Residential Solar, Commercial Solar Energy, and Corporate. Residential Solar segment designs, arrange finances, integrates, installs, and manages systems, primarily for residential homeowners. The Commercial Solar Energy segment designs, arrange finances, integrates, installs, and manages systems ranging in size from 50kW (kilowatt) to multi-MW (megawatt) systems primarily for larger commercial and public works projects. Its commercial installations include installations at office buildings, manufacturing plants, warehouses, service stations, churches, and agricultural facilities such as farms, wineries, and dairies. Its public works installations include school districts, federal facilities and local municipalities.
SUNWORKS, INC. 
