Item 2.03
Creation of a Direct Financial Obligation or Obligation under an Off Balance Sheet Arrangement of the Registrant.
Item 3.02
Unregistered Sales of Equity Securities.
On February 26, 2007, Fresh Harvest Products, Inc. (the Company) entered into a convertible two-year promissory note with Max Greenfield (the Lender) in the principal amount of $30,000. The note is convertible into common stock and contains a three year option to purchase additional common stock. The other principal provisions of the note include:
Interest Rate:
12% per annum.
Conversion Rate:
the lower of (a) $0.50 per share, or (b) a per share 35% discount to
the closing bid price (providing one develops) on the date of
conversion.
Piggyback
Registration Rights:
on any portion of the principal that is converted into common
stock.
Option:
to purchase up to $150,000 of the Companys common stock at a
per share price determined by 35% discount of the market value of
the Companys common stock based upon the average of a five
day trading price at the date of exercise.
A copy of the promissory note is attached as an exhibit hereto. The foregoing descriptions of the promissory note is qualified in its entirety by reference to the full text of attached exhibit.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
99.1 |
|
February 26, 2007 Promissory Note |
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, thereunto duly authorized.
|
Fresh Harvest Products, Inc. |
Date: March 1, 2007 |
By: /s/ Michael Jordan Friedman |
|
Michael Jordan Friedman |
|
President, Chief Executive Officer and Chairman of the Board of Directors |
Exhibit 99.1