On October 9, 2017, Next Group Holdings, Inc, (“NXGH” or the “Company”) signed Convertible Note Redemption and Adjusrment Agreements, with threeseparate Finance Groups that hold an aggregated value of $1,193,627 in Convertible Notes. These Agreements allow NXGH to buy back up to 70% of the outstanding notes over the next 8 months. If NXGH buys back 70% of each noteholder’s principal by Dec 31, 2017, the noteholder’s share price floor will be set at a minimum of $0.05 per share. If NXGH does not buy back 70% of each noteholder’s principal by Dec 31, 2017, the noteholder’s share price floor will be lowered to $0.02 per share.
As stated in the attached Agreements, these noteholders have agreed to release back to the company an aggregated total of 39,836,560 shares which were held as reserve for future conversions.
LG and Cerberus are locked up from converting any notes through June 19, 2018. Quarum Holdings is locked up from converting any notes through Dec.31, 2017
The outstanding principal amounts of the renegotiated notes are with the following entities:
| 1- | LG Capital Funding LLC- $792,949 (NXGH may redeem up to 70%) |
| 2- | Cerberus Finance Group, Ltd.- $266,310 (NXGH may redeem up to 70%) |
| 3- | Quarum Holdings LLC - $134,368_ (NXGH may redeem up to 70%) |
The Company has entered into a Loan Agreement with LimeCom, Inc. wherein LimeCom has agreed to lend to the Company the sum of $513,872.00_ at 6% (six percent) interest per annum to be repaid by the Company in 180 days or six months from the date of the Loan Agreement. The Company has the option to repay the loan to LimeCom, Inc. in cash or restricted shares of common stock of the Company, or a combination thereof. The price per share to be determined by the ten day market average trading price of the Company’s common stock. The Company has further agreed to provide thirty days’ notice to LimeCom, Inc. of its election to repay the note in cash or common stock, or a combination thereof.
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