American Housing Income Trust, Inc. (OTCPK:AHIT) announced that it has entered into a securities purchase agreement for a private placement of a 2% senior secured convertible promissory note for gross proceeds of $200,000 with new accredited investor, FirstFire Global Opportunities Fund LLC, a fund managed by FirstFire Capital Management LLC on April 4, 2017. The note carries a fixed coupon of 2% per annum. The note is convertible into fully paid and non-assessable common shares at a fixed conversion price of $0.50. The note has issued at a discount of 4.761904%. Any principal amount and interest on the note which is not paid due shall bear default interest rate of 15% per annum from the due date. The company issued 420,000 warrants to purchase common shares at an exercise price of $0.50 per share. The company expected to receive note of $500,000 and issued 420,000 warrants in the transaction. The company shall reimburse the investor for its legal fees and expenses incurred for $10,000. The company issued securities pursuant to exemption provided under Regulation D. The note may not be prepaid or repaid.