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Date Filed : Dec 28, 2021
SECURITIESAND EXCHANGE COMMISSION
PURSUANTTO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Dateof Report (Date of earliest event reported): December 27, 2021.
CLEANENERGY TECHNOLOGIES, INC.
(Exactname of Company as specified in its charter)
CostaMesa, CA 92626
(Addressof principal executive offices)
Checkthe appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under anyof the following provisions:
Indicateby check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerginggrowth company ☐
Ifan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securitiesregistered pursuant to Section 12(b) of the Act:
Item1.01 Entry into a Material Definitive Agreement.
OnDecember 27, 2021, Clean Energy Technology, Inc., a Nevada corporation (the “Company”), entered into a $650,000 ConvertiblePromissory Note, due June 1, 2022, with interest at 2% per annum (the “Note “) with Universal Scope, Inc., a companyincorporated in the British Virgin Islands.
Underthe terms of the Note, principal and interest is to be paid on the maturity date. The Note is convertible into the Company’s commonstock, par value $.001 per share (the “Common Stock”) at a conversion price of $.06 per share subject to adjustments forreorganizations, reclassifications, consolidations, merger, or sale. An event of default under the Note occurs for the failure of theCompany to pay interest and principal on the maturity date after the application of the grace period, breach of covenants, representationsand warranties, receivership, and bankruptcy, delisting of the Company’s stock, and failure to transfer the Common Stock upon conversion.Upon an event of default, the Note will become immediately payable and the Company shall be required to pay a default rate of interestof 8% per annum
Theforegoing does not purport to be a complete description of the rights and obligations of the parties under the Note and is qualifiedby reference to the Convertible Promissory Note filed as Exhibit 10.135 to this Current Report on Form 8-K.
Item2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Item1.01 of this Current Report on Form 8-K is incorporated by reference.
Item9.01 Financial Statement and Exhibits.
Pursuantto the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalfby the undersigned hereunto duly authorized.