VPR Brands, LP Issues Promissory Note in the Principal Amount of $100,001 to Kevin Frija
January 31, 2022 at 03:29 pm EST
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On January 25, 2022, VPR Brands, LP issued a promissory note in the principal amount of $100,001 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 January 25 Note bears interest at the rate of 24% per annum, and the January 25 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 January 25, 2023.
VPR Brands, LP is a technology company with a focus on vaporizers and accessories for essential oils and extracts in the cannabis and hemp industry. The Company is engaged in various monetization strategies of its United States patents covering electronic cigarettes, vaporizer technologies, and related accessories. The Company designs, develops, markets, and distributes products oriented towards the cannabis markets, including the ELF and HONEYSTICK brands of vaporizers and DISSIM Lighters. The Company has several trademarks, including ELF, PHANTOM, HRB, VPOD, VAPOR X, RIPPER, and CARTDUB, among others, for which it is also engaged in licensing and various monetization strategies. The Company also designs, develops, markets, and distributes products (the HoneyStick brand of vaporizers and the Goldline cannabidiol (CBD) products) oriented toward the cannabis markets. The Company is also engaged in selling the DISSIM brand pocket lighters.