Document:

axdx_ex1013.htm

EXHIBIT 10.13

 

REVOLVING LINE OF CREDIT PROMISSORY NOTE

 

	
Amount: $__________
	
 
	
Date: _____, 2016

 

WHEREAS, the Borrower desires to borrow funds from the Lender from time to time and the parties desire to enter into a note which provides for advances from time to time on an unsecured basis.

 

THEREFOR, FOR VALUE RECEIVED, CO-DIAGNOSTICS, INC. a Utah corporation, (referred to as the "Borrower") promises to pay to MACHAN 1988 PROPERTY TRUST, a Utah trust, ( referred to as the "Lender"), or order, at its address the sum of _________________ or the aggregate unpaid principal balance of all advances made to the Borrower by Lender pursuant to this Note from time to time ("Advances"), whichever is less, on _______ 2016 ("Matu1ity Date") in lawful money of the United States and in immediately available funds, with interest on the unpaid p1incipal balance of this Revolving Line of Credit Note ("Note") at the rate of Twelve percent (12 %) per annum and shall be computed on the basis of a 360 day year.

 

All Advances made pursuant to this Note shall be made in the sole discretion of the Lender and Lender may refuse to make additional Advances at any time and for any reason.

 

The principal balance and all accrued but unpaid interest is due in full on the Maturity Date.

 

If the final payment due under this Note is not paid on its due date or within fifteen (15) days thereafter, or if the Borrower otherwise defaults under the terms of this Note, then the holder hereof may accelerate this Note and declare the entire balance due and owing whereupon the Borrower agrees to pay the entire balance of the Note upon demand.

 

Each payment shall be applied first to the payment of interest and thereafter to the payment of principal. In the event of non-payment of any interest, the final payment or the accelerated principal in the event of default, the Borrower agrees to pay all expenses of collection of this Note, including reasonable attorney' s fees and court costs incurred in any proceeding including any proceedings in the United States Bankruptcy Court. After acceleration, in the event of default, and after the due date and before and after judgment, this Note shall accrue interest at the rate of 18% per annum for each day after the Maturity Date that the principal amount remains unpaid until paid.

 

This Note shall be governed by the laws of the State of Utah.

 

Every maker, endorser or guarantor of this Note waives presentment, demand, notice, protest and all other notices in connection with the deliver, acceptance, default or enforcement of this Note and each agrees that the holder, from time to time, may renew, modify or extend performance of obligations hereunder without their consent.

 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed as of the date above set forth.

 

 

	 	
BORROWER:

 

CO-DIAGNOSTICS, INC.

a Utah corporation
	
	 	 	 	 
	 	by		
	
 
	
 
		 
	 	itsaxdx_ex10131.htm

EXHIBIT 10.13.1

 

AMENDMENT

TO

12% REVOLVING LINE OF CREDIT PROIVIISSOPRY NOTE DUE 2016

 

OF

 

CO-DIAGNOSTICS, INC.

 

Original Principal Amount: $750,000 

Original Issuance Date: August 1, 2015

 

Whereas, THIS AMENDMENT TO THE 12% PROMlSSORY NOTE dated August 1, 2015, as amended (the ''Note") is entered into, by and between Co-Diagnostics, Inc., a Utah corporation (the "Company') and Co-Diagnostics, Ltd, a Turks and Caicos Limited Company ("Holder'');

 

Now therefore, the Note is hereby amended as follows:

 

The Maturity Date shall be September 30, 2017.

 

The Holder agrees that in the event the Company is able to file a Registration Statement for an Initial Public Offering on or before December 31, 2016, the Holder agrees to include the Note principal and accrued interest outstanding on the filing date with the Registration Statement and to convert all of the Note principal and accrued interest to Company common stock.

 

The “Conversion Price” means shall be the same as the anticipated Bridge Financing to be provided by Alexander Capital, LP, as reflected in the Registration Statement.

 

All other terms and conditions of the Note, as amended, shall continue in full force and effect.

 

IN WITNESS WHEREOF, the Parties have amended the Note effective as of September 14, 2016.

 

 

	
CO-DIAGNOSTICS, INC.
	
 
	
CO-DIAGNOSTICS, LTD.

	
 
	
 
	
 

	
By: /s/ Dwight Egan
	
 
	
By: /s/ Reed Benson

	
Dwight H. Egan 
	
 
	
 

	
President & CEO
	
 
	
Its: Presidentaxdx_ex10132.htm

EXHIBIT 10.13.2 

 

AMENDMENT

TO

12% REVOLVING LINE OF CREDIT PROMISSOPRY NOTE DUE 2016

 

OF

 

CO-DIAGNOSTICS, INC.

 

Original Principal Amount: $100,000

Original Issuance Date: December 30, 2015 

 

Whereas, THIS AMENDMENT TO THE 12% PROMISSORY NOTE dated December 30, 2015, as amended (the “Note”) is entered into, by and between Co-Diagnostics, Inc., a Utah corporation (the “Company”) and Pine Valley Investments, LLC, a Utah limited liability company (“Holder”);

 

Now therefore, the Note is hereby amended as follows:

 

The Maturity Date shall be September 30, 2017.

 

The Holder agrees that in the event the Company is able to file a Registration Statement for an Initial Public Offering on or before December 31, 2016, the Holder agrees to include the Note principal and accrued interest outstanding on the filing date with the Registration Statement and to convert all of the Note principal and accrued interest to Company common stock.  

The “Conversion Price” means shall be the same as the anticipated Bridge Financing to be provided by Alexander Capital, LP, as reflected in the Registration Statement.

 

All other terms and conditions of the Note, as amended, shall continue in full force and effect. 

 

IN WITNESS WHEREOF, the Parties have amended the Note effective as of September 14, 2016.

 

	
CO-DIAGNOSTICS, INC.
	
 
	
PINE VALLEY INVESTMENTS, LLC

	
 
	
 
	
 

	
By: /s/ Dwight Egan
	
 
	
By: /s/ Jason Briggs

	
Dwight H. Egan, 
	
 
	
Jason Briggs, Manager

	
President & CEOaxdx_ex10133.htm

EXHIBIT 10.13.3 

 

 

AMENDMENT 

TO

12% PROMISSOPRY NOTE DUE 2016

 

OF

 

CO-DIAGNOSTICS, INC.

 

Original Principal Amount: $10,000

Original Issuance Date: February 22, 2016 

 

Whereas, THIS AMENDMENT TO THE 12% PROMISSORY NOTE dated February 22, 2016, as amended (the “Note”) is entered into, by and between Co-Diagnostics, Inc., a Utah corporation (the “Company”) and Clavo Rico Incorporated, a Utah corporation (“Holder”);

 

Now therefore, the Note is hereby amended as follows:

 

The Maturity Date shall be September 30, 2017.

 

The Holder agrees that in the event the Company is able to file a Registration Statement for an Initial Public Offering on or before December 31, 2016, the Holder agrees to include the Note principal and accrued interest outstanding on the filing date with the Registration Statement and to convert all of the Note principal and accrued interest to Company common stock.  

The “Conversion Price” means shall be the same as the anticipated Bridge Financing to be provided by Alexander Capital, LP, as reflected in the Registration Statement.

 

All other terms and conditions of the Note, as amended, shall continue in full force and effect. 

 

IN WITNESS WHEREOF, the Parties have amended the Note effective as of September 14, 2016.

 

 

	
CO-DIAGNOSTICS, INC.
	
 
	
CLAVO RICO INCORPORATED

	
 
	
 
	
 

	
By: /s/ Dwight Egan
	
  
	
By: /s/ Reed Benson

	
Dwight H. Egan,
	
 
	
Reed L Benson, President

	
President & CEOaxdx_ex10134.htm

EXHIBIT 10.13.4

 

AMENDMENT

TO

12% REVOLVING LINE OF CREDIT PROMISSOPRY NOTE DUE 2016

 

OF

 

CO-DIAGNOSTICS, INC.

 

Original Principal Amount: $100,000

Original Issuance Date: March 1, 2016 

 

Whereas, THIS AMENDMENT TO THE 12% PROMISSORY NOTE dated March 1, 2016 as amended (the “Note”) is entered into, by and between Co-Diagnostics, Inc., a Utah corporation (the “Company”) and Legends Capital Group, LLC (“Holder”);

 

Now therefore, the Note is hereby amended as follows:

 

The Maturity Date shall be September 30, 2017.

 

The Holder agrees that in the event the Company is able to file a Registration Statement for an Initial Public Offering on or before December 31, 2016, the Holder agrees to include the Note principal and accrued interest outstanding on the filing date with the Registration Statement and to convert all of the Note principal and accrued interest to Company common stock.  

The “Conversion Price” means shall be the same as the anticipated Bridge Financing to be provided by Alexander Capital, LP, as reflected in the Registration Statement.

 

All other terms and conditions of the Note, as amended, shall continue in full force and effect. 

 

IN WITNESS WHEREOF, the Parties have amended the Note effective as of September 14, 2016.

 

 

	
CO-DIAGNOSTICS, INC.
	
 
	
LEGENDS CAPITAL GROUP, LLC

	
 
	
 
	
 

	
By: /s/ Dwight Egan 
	
 
	
By: /s/ Jason Briggs

	
Dwight H. Egan, 
	
 
	
 

	
President & CEO
	
 
	
Its: Manageraxdx_ex10135.htm

EXHIBIT 10.13.5

 

AMENDMENT 

TO

12% REVOLVING LINE OF CREDIT PROMISSOPRY NOTE DUE 2016

 

OF

 

CO-DIAGNOSTICS, INC.

 

Original Principal Amount: $75,000

Original Issuance Date: May 15, 2016 

 

Whereas, THIS AMENDMENT TO THE 12% PROMISSORY NOTE dated May 15, 2016, as amended (the “Note”) is entered into, by and between Co-Diagnostics, Inc., a Utah corporation (the “Company”) and Hamilton Mining Resources, Inc., a Utah corporation (“Holder”);

 

Now therefore, the Note is hereby amended as follows:

 

The Maturity Date shall be September 30, 2017.

 

All other terms and conditions of the Note, as amended, shall continue in full force and effect. 

 

IN WITNESS WHEREOF, the Parties have amended the Note effective as of September 14, 2016.

 

 

	
CO-DIAGNOSTICS, INC.
	
 
	
HAMILTON MINING RESOURCES, INC.

	
 
	
 
	
 

	
By: /s/ Dwight Egan 
	
 
	
By: /s/ Reed Benson

	
Dwight H. Egan 
	
 
	
 

	
President & CEO
	
 
	
Its: President

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