Analyst Research

Report Title Price
Provider: Reuters Investment Profile
$20.00
Provider: Cohen Independent Research Group
$242.00

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OSL Holdings Inc Issues Promissory Note; Announces Auditor Change-Form 8-K


Wednesday, 26 Jun 2013 05:14pm EDT 

OSL Holdings Inc reported in its Form 8-K that on June 21, 2013 (Issue Date), OSL Holdings, Inc. (the Company) issued a promissory note in an aggregate principal amount equal to $200,000. The Note accrues simple interest at a rate of 10% per annum, is due and payable six months from the Issue Date (Payment Date) and unpaid principal after the Payment Date shall accrue interest at a rate of 15% annually until paid. At the option of the holder of the Note, the Note is convertible into shares of the Company’s common stock, par value $.001 per share (Common Stock) with a value equal to $400,000 based on the closing price for the Company’s Common Stock for the three trading days prior to the Payment Date. In consideration of the Noteholder providing the Company with the Principal Amount, the Company also sold an aggregate of 400,000 shares of common stock for an aggregate purchase price equal to $400 pursuant to the terms and conditions of a Securities Purchase Agreement to the Noteholder. The Company also announced that the Company’s previous auditors, Weinberg & Company, P.A. (Weinberg) resigned. On June 25, 2013, the Company engaged Malone Bailey LLP (Malone Bailey) as its new independent registered public accounting firm beginning with the quarterly period ended May 31, 2013 and for the Company's fiscal year ended August 31, 2013, subject to Board approval. 

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