AnythingIT, Inc. announced that it has received $0.01 million in funding from KBM Worldwide, Inc.
August 13, 2014 at 12:00 am EDT
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AnythingIT, Inc. (OTCBB:ANYI) announced a private placement of a convertible promissory note with existing accredited investor, KBM Worldwide, Inc. for gross proceeds of $10,500 on August 11, 2014. The note bears a coupon of 8% per annum and will mature on May 13, 2015. Any amount of principal and interest which is not paid and becomes due will bear interest at the rate of 22% per annum from the due date until the same is paid. The note is convertible at any time following 180 days after the issuance date at the holder's option into shares of common stock at a variable conversion price of 58% of the lowest average three day market price of our common stock during the 10 trading days prior to the notice of conversion, subject to adjustment as described in the note. The original floor conversion price is $0.00004 per share. The note can be prepaid at premium between 0 and 30 days after issuance at 110% of the total outstanding amount, between 31 and 60 days after issuance at 115% of the total outstanding amount, between 61 and 90 days after issuance at 120% of the total outstanding amount, between 91 and 120 days after issuance at 125% of the total outstanding amount, and between 121 and 150 days after issuance at 130% of the total outstanding amount, and between 151 and 180 days after issuance at 135% of the total outstanding amount. After the initial 180 period post-issuance, the company does not have a right of prepayment. The company will issue securities pursuant to exemption under Regulation D. Bernard S. Feldman of Naidich Wurman Birnbaum & Maday, LLP advised the investor in the transaction.
On August 13, 2014, AnythingIT, Inc. closed the transaction.
WeedHire International, Inc., formerly AnythingIT, Inc., is a provider of green technology solutions, managing the equipment disposition needs of the Federal government and commercial clients by buying, reselling or recycling computers and other technology hardware. The Company offers Weedhire.com (WeedHire), which is a career Website focusing employment within the legal cannabis industry. It is involved in information technology (IT) asset management and disposition services business. WeedHire.com provides job postings for cannabis related employment, such as physician's assistants, growers, dispensary operators, security guards, dispensary administrators, solar panel specialist, delivery drivers, lawyers and insurance agents. It also engages in logistics, inventory management and data destruction services; sale of used equipment, and sale to companies specializing in removing recyclable or remarketable parts of electronics from equipment that no longer has usable life.