MVCO 8-K
Metavesco, Inc. (MVCO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement.
Restore Franchise Group, LLC, Loan Agreement
On July 10, 2023, Metavesco, Inc. (the “Company”), entered into a Loan Agreement (the “Loan Agreement”) with Restore Franchise Group, LLC (the “Lender”), a limited liability company, duly organized, in good standing and existing under the laws of the state of Georgia. The Lender is wholly owned by Ryan Schadel, the Chief Executive Officer, sole director and majority stockholder of the Company.
According to the terms of the Loan Agreement, (i) the Lender promises to loan thirty thousand dollars USD ($30,000) to the Company and the Company promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 3% per annum, compounded yearly; (ii) the thirty thousand dollars USD ($30,000) will be repaid in full within 1 year from the execution of the Loan Agreement, or July 10, 2024; (iii) in the event the Company defaults on the performance its obligations under the Loan Agreement, the Lender may declare the principal amount then owed under Loan Agreement at the time of default to be immediately due and payable; (iv) the Loan Agreement is governed by the laws of the State of Nevada; (iiv) all costs, expenses and expenditures including, and without limitation, the complete legal costs incurred for the enforcement of the Loan Agreement as a result of any default by the Company, shall be added to the principal then outstanding and will immediately be paid by the Company.
The foregoing descriptions of the Loan Agreement do not purport to be complete and are qualified in its entirety by reference to the full text of the Loan Agreement, a copy of which is filed herewith as Exhibit 10.1, and to this Current Report on Form 8-K and are 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 disclosure set forth under Item 1.01 of this Current Report on Form 8-K with respect to the Loan Agreement is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit | ||
| Number | Description | |
| 10.1 | Loan Agreement, dated as of July 10, 2023, by and between Metavesco, Inc. and Restore Franchise Group, LLC. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: July 12, 2023 | METAVESCO, INC. | |
| By: | /s/ Ryan Schadel | |
| RYAN SCHADEL | ||
Chief Executive Officer Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) | ||
| 3 |
Exhibit 10.1
LOAN AGREEMENT
THIS LOAN AGREEMENT ( the “Agreement”) dated this 10th day of July, 2023
BETWEEN:
Restore Franchise Group, LLC, a Georgia LLC owned by Ryan Schadel (the “Lender”)
And
Metavesco, Inc., a Nevada Corporation located at 410 Peachtree Pkwy, Suite 4245, Cumming, GA 30041 (the “Corporation”)
BACKGROUND:
| A. | The Corporation is duly incorporated in the State of Nevada. | |
| B. | The Lender is owned by the Corporation’s CEO and agrees to loan certain monies (the “Loan”) to the Corporation. |
IN CONSIDERATION OF the Lender providing the Loan to the Corporation, and the Corporation repaying the Loan to Lender, both parties agree to keep, perform, and fulfill the promises, conditions and agreements below:
Loan Amount & Interest
| 1. | The Lender promises to loan thirty thousand dollars USD ($30,000) to the Corporation and the Corporation promises to repay this principal amount to the Lender, at such address as may be provided in writing, with interest payable on the unpaid principal at the rate of 3% per annum, compounded yearly. |
Payment
| 2. | The Loan will be repaid in full within 1 year from the execution of this Agreement. |
Default
| 3. | Notwithstanding anything to the contrary in this Agreement, if the Corporation defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing under this Agreement at that time to be immediately due and payable. |
Governing Law
| 4. | This Agreement is governed by the laws of the State of Nevada. |
Costs
| 5. | All costs, expenses and expenditures including, and without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Corporation, will be added to the principal then outstanding and will immediately be paid by the Corporation. |
Assignment
| 6. | This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Corporation. The Corporation waives presentment for payment, notice of non-payment, protest, and notice of protest. |
Amendments
| 7. | This Agreement may only be amended or modified by written instrument executed by both the Corporation and Lender. |
Severability
| 8. | The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any part of this Agreement is held to be invalid, this invalidity will not affect the operation of any other part of this Agreement. |
Entire Agreement
| 9. | This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise. |
Metavesco, Inc.
/s/ Ryan Schadel - President and CEO
Restore Franchise Group, LLC
/s/ Ryan Schadel – Managing Member