Item 1.01. Entry into a Material Definitive Agreement.
On September 20, 2022, VPR Brands, LP (the "Company") issued a promissory note
in the principal amount of $100,001 (the "September 2022 Note") to Kevin Frija,
who is the Company's Chief Executive Officer, President, principal financial
officer, principal accounting officer and Chairman of the Board, and a
significant stockholder of the Company, in exchange for the receipt of $100,001.
The principal amount due under the September 2022 Note bears interest at the
rate of 24% per annum, and the September 2022 Note permits Mr. Frija to deduct
one ACH payment from the Company's bank account in the amount of $500 per
business day until the principal amount due and accrued interest is repaid. Any
unpaid principal amount and any accrued interest is due on September 2022, 2023.
The September 2022 Note is unsecured.
The foregoing description of the September 2022 Note does not purport to be
complete and is qualified in its entirety by reference to the September 2022
Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form
8-K and which is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information provided above in Item 1.01 above is incorporated by reference
into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
10.1 Promissory Note dated September 20, 2022 issued by VPR Brands, LP to
Kevin Frija.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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