Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On December 31, 2019, Hometown International, Inc., a Nevada corporation (the
"Company") received a loan of $175,000 from Peter Coker, Jr. (the "Loan"). To
evidence the Loan, the Company issued to Mr. Coker a Promissory Note in the
principal amount of $175,000 (the "Promissory Note"). The principal amount of
the Promissory Note, plus accrued and unpaid interest at 8% per annum, is due
and payable on June 30, 2020. The Company may prepay any amounts due under the
Promissory Note without penalty or premium. The proceeds from the Loan will be
used to repay certain debts and other obligations of the Company and for working
capital and general corporate purposes.
The foregoing summary of the Promissory Note does not purport to be complete and
is qualified in its entirety by reference to the Promissory Note, a copy of
which is filed as Exhibit 4.1 to this report and incorporated herein by
reference.
Item 8.01 Other Events.
On December 31, 2019, each of Paul F. Morina and Christine T. Lindenmuth, the
principal officers and directors and majority shareholders of the Company,
entered into separate Stock Purchase Agreements with Mr. Coker, which provided
for the sale by each of them of 1,000,000 shares of common stock of the Company
(the "Purchased Shares") to Mr. Coker. The consideration paid for the Purchased
Shares, which represents approximately 38% of the issued and outstanding share
capital of the Company, was an aggregate of $3,000. The source of the cash
consideration for the Purchased Shares was personal funds of Mr. Coker.
The foregoing summaries of the Stock Purchase Agreements do not purport to be
complete and are qualified in its entirety by reference to the Stock Purchase
Agreements, copies of which are filed as Exhibits 10.1 and 10.2 to this report
and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Exhibit
4.1 Promissory Note, dated December 31, 2019, in the original principal
amount of $175,000
10.1 Stock Purchase Agreement, dated December 31, 2019, by and between Paul
F. Morina and Peter Coker, Jr.
10.2 Stock Purchase Agreement, dated December31, 2019, by and between
Christine T. Lindenmuth and Peter Coker, Jr.
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