IIOT-OXYS, Inc. Reports Financial Obligation Trigger Event

TL;DR

OXYS triggered an event that might make them owe more money, sooner.

AI Summary

IIOT-OXYS, Inc. filed an 8-K on March 21, 2024, reporting a triggering event that accelerates or increases a direct financial obligation or an obligation under an off-balance sheet arrangement as of March 15, 2024. The filing does not specify the exact nature of the obligation or the financial impact.

Why It Matters

This filing indicates a potential acceleration or increase in the company's financial obligations, which could impact its liquidity and financial health.

Risk Assessment

Risk Level: medium — The filing signals a potential acceleration or increase in financial obligations, which carries inherent financial risk for the company.

Key Players & Entities

• IIOT-OXYS, Inc. (company) — Registrant
• March 15, 2024 (date) — Date of earliest event reported
• March 21, 2024 (date) — Date of report
• Nevada (jurisdiction) — State of incorporation
• 705 Cambridge Street Cambridge, MA 02141 (address) — Principal executive offices

FAQ

Key Financial Figures

• $500,000 — missory Note in the principal amount of $500,000 to Sergey Gogin (the " 2018 Note "). In
• $50,000 — missory Note in the principal amount of $50,000 to YVSGRAMORAH LLC (the " 2019 Note " a

Filing Documents

• iiot_8k.htm (8-K) — 23KB
• 0001683168-24-001588.txt ( ) — 185KB
• itox-20240315.xsd (EX-101.SCH) — 3KB
• itox-20240315_lab.xml (EX-101.LAB) — 33KB
• itox-20240315_pre.xml (EX-101.PRE) — 22KB
• iiot_8k_htm.xml (XML) — 3KB

04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. On January 22, 2018, IIOT-OXYS, Inc., a Nevada corporation (the " Company "), issued a Senior Secured Convertible Promissory Note in the principal amount of $500,000 to Sergey Gogin (the " 2018 Note "). In addition, on March 6, 2019, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $50,000 to YVSGRAMORAH LLC (the " 2019 Note " and, together, with the 2018 Note, each, a "Note" or, together, the " Notes "). The Company has entered into several amendments to each of the Notes which have extended the maturity dates of each of the Notes to March 1, 2024. On March 1, 2024, the Notes matured without payment by the Company and the Notes went into default. Under the Notes, the Company had ten Trading Days (as defined in the Notes) to cure the defaults; however, the Company failed to do so. Due to the defaults, under the Notes, the outstanding principal plus liquidated damages, interest and other amounts owing through the date of acceleration, are now, at the holder's election, immediately due and payable in cash. Commencing ten Trading Days after the occurrence of the defaults (i) the principal amounts on each Note were increased 20%, (ii) the number of warrant shares exercisable pursuant to warrants previously issued to the Note holders were increased from 50% to 100%, and (iii) the Note holders have the right to appoint a Board member to join the Company's Board of Directors. We are currently in negotiations with these lenders to negotiate new terms and believe that new terms will be agreed to in the near future.

SIGNATURES

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. IIOT-OXYS, Inc. Date: March 21, 2024 By: /s/ Clifford L. Emmons Clifford L. Emmons, Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR