UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) off The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 3, 2020

 

GENUFOOD ENERGY ENZYMES CORP.

(Exact name of registrant as specified in charter)

 

Nevada   000-56112   68-0681158

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

601 South Figueroa Street, Suite 4050

Los Angeles, California

  90017
(Address of principal executive offices)   (Zip Code)

 

(213) 330-6770

Registrant’s telephone number

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

 

Securities registered pursuant to Section 12(b) of the Act: None

 

 Title of each class

  Trading Symbol(s)   Name of each exchange on which registered
         

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On July 3, 2020, Jui Pin (John) Lin, the President and Chief Executive Officer of Genufood Energy Enzymes Corp. (the “Company”), made a loan (the “July Loan”) to the Company in the principal amount of $20,000. The July Loan bears simple interest at a rate of 4% per annum, and is payable as to both principal and interest on the sixth-month anniversary of the July Loan, which is January 3, 2021 (the “Maturity Date”). This is one of a series of loans that Mr. Lin has made from time to time to help the Company meets its obligations.

 

Mr. Lin, as the holder of the Company’s 4% Convertible Promissory Note dated July 3, 2020 (the “July Note”) evidencing the July Loan, may, at his sole option, convert (a “Voluntary Conversion”) the then outstanding principal and accrued and unpaid interest on the July Note into shares of the common stock of the Company (“Common Stock”) at a rate of $0.0005 per share. Notwithstanding the holder’s right of Voluntary Conversion, the holder of the July Note may not make such conversion unless and until the Company has a sufficient number of authorized and unissued shares of Common Stock to issue upon a Voluntary Conversion. At the present time, the Company does not have a sufficient number of authorized and unissued shares of its Common Stock to issue upon a Voluntary Conversion but expects to have a sufficient number of authorized and unissued shares of its Common Stock before the Maturity Date.

 

The July Note also provides for events of default and remedies in such event, including without limitation interest at a rate equal to the lesser of 10% per annum or the maximum interest rate allowed under usury or other similar laws from the Maturity Date until the July Note is paid in full. The July Note also contains other terms and conditions typical for a transaction of this type.

 

Item 9.01 Financial Statements and Exhibits.
   
10.1 4% Convertible Promissory Note dated July 3, 2020

 

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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 hereunto duly authorized.

 

  GENUFOOD ENERGY ENZYMES CORP.
     
Date:  July 9, 2020 By: /s/ Jui Pin Lin
   

Jui Pin Lin

Chief Executive Officer

 

 

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