Item 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTOR;
APPOINTMENT OF PRINCIPAL OF OFFICERS
On April 1, 2021, Cell Source, Inc. (the "Company") announced that Darlene Soave
has been appointed to the Company's Board of Directors. The press release
announcing the appointment of Ms. Soave is filed as Exhibit 99.1 to this Report
on Form 8-K and is incorporated herein by reference.
During the years ended December 31, 2019 and 2020, the Company received an
aggregate of $500,000 and $1,500,000, respectively, of advances under a
convertible note that was issued to Ms. Soave in October 2019 and subsequently
amended and restated. An additional $500,000 was advanced by Ms. Soave in March
2021.The convertible note, as amended, bears interest at 10% per annum and
becomes due on October 31, 2021.The Company, at its option may convert the
convertible note into shares of Series B Convertible Preferred Stock at any time
after the creation and sale of the Series B Preferred Stock and before the
maturity date. As of March 31, 2021, $2,500,000 principal amount of the
convertible note was outstanding. The Company has issued warrants to purchase
2,000,000 shares of common stock at an exercise price of $.75 per share to Ms.
Soave pursuant to the terms of the convertible note.
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CELL SOURCE, INC. 