Frélii, Inc. announced that it has received $0.203 million in funding
January 08, 2020
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Frélii, Inc. (OTCPK:FRLI) announced that it has entered into a securities Purchase Agreement with an accredited investor for the issuance of a convertible redeemable promissory note, for proceeds of $203,000 on January 9, 2020. The principal amount of the note is $243,600 with an original issue discount of $40,600. The note is due on January 9, 2021 and entitles an interest rate of 10% per annum. The note may be converted into shares at a 20% discount to the average of the two lowest closing bid price of the common stock during the 20 trading days immediately prior to the delivery of a notice of conversion, The company may redeem the note prior to July 8, 2020, as follows: within the first 60 days at 100%, after the 61st day but on or before the 90th day at 105%, after the 91st day but on or before the 120th day at 110%, after the 121st day but on or before the 150th day at 115%, and after the 151st day but on or before the 180th day at 120%. There is no prepayment option after 180 days.
Frelii, Inc. provides Web-based nutrition and fitness programs based on usersâ genetic data. The Company provides users personalized, deoxyribonucleic acid (DNA)-based diet and nutrition plans and identifies usersâ health risks. Users can upload their raw genetic data by logging into their 23andMe profile and the Companyâs site uploads that data for use by its artificial intelligence (AI)-based algorithm. Its products include KDIR, EZV-200, BLDB Tonic, Keotone-CoCoa and CTV. The Company provides tools, which includes personalized cookbook, meal planning, shopping lists, supplement packages and video workouts. It provides Navii, which is computer learning-based algorithm generates insight about individual genetic health risks, and assists health providers to identify and treat various health concerns. Its wellness plans feature nutrition and fitness plans, supplement recommendations, downloadable menus, recipes, and shopping lists, and virtual personal training.