Document:

Exhibit 4.7

 

UNSECURED PROMISSORY NOTE

 

	$500,000  	February 9, 2012

 

 

FOR VALUE RECEIVED,
Penny Auction Solutions, Inc., a Nevada Corporation (the “Maker”) herby promises to pay to the order of Kodiak Capital
Group, LLC (“Payee”) located at 260 Newport Center Drive, Ste 100, Newport Beach, CA 92660 the principal sum of Five
Hundred Thousand Dollars ($500,000) at an annual interest rate of 0% per annum, payable principal only on or before December 12,
2012. It is the intention of Maker and Payee that this Note is being issued as full satisfaction of the Commitment Fee due Investor
under certain Investment Agreement dated September 1, 2010, as amended by that certain Amendment to Investment Agreement of even
date herewith.

 

		1.	Right of Prepayment. Maker has the right to pay all or any portion of this Note at any time
without a prepayment penalty.

 

		2.	Default. Any of the following shall constitute a default by Maker hereunder:

 

		(a)	The failure of Maker to make any payment of principal required hereunder on or before December
12th, 2012.

 

Upon the occurrence of a default hereunder,
Payee may, at its option, declare immediately due and payable the entire unpaid principal sum of this Note owing at the time of
such declaration pursuant to this Note.

 

		3.	Nonrecourse to Management and Stockholders. In the event that Maker defaults on this Note,
Payee shall look solely to Penny Auction Solutions, Inc. for repayment and not to any officers, directors or shareholders of Maker.

 

		4.	Cost of Collections. Payee shall be entitled to collect reasonable attorney’s fees
and costs from Maker, as well as other costs and expenses reasonably incurred, in curing any default or attempting collection of
any payment due on this Note.

 

		5.	Inspection Rights. Payee, individually or through its agent, shall have the right, upon
reasonable notice and at its expense, to review and inspect the books and records of Maker at Maker’s office during reasonable
business hours.

 

		6.	Restriction on Transfer. This Note shall be subject to the following restrictions:

 

This Note may not be sold, assigned, transferred
or otherwise disposed of to any person or entity unless agreed upon in writing by the Maker and the Payee.

 

		7.	Payment. This Note shall be payable in lawful money of the United States.

 

		8.	Place of Payment. All payments on this Note are to be made or given to Kodiak Capital Group
at the address provided to the Maker or such other place as Payee may from time to time direct by written notice to Maker.

 

    	 

    	 

    

 

		9.	Waiver. Maker, for itself and its successors, transfers and assigns, waives presentment,
dishonor, protest, notice of protest, demand for payment and dishonor in nonpayment of this Note, bringing of suit or diligence
of taking any action to collect any sums owing hereunder or in proceeding against any of the rights and properties securing payment
hereunder.

 

		10.	Severability. If any provision of this Note or the application thereof to any persons or
entities or circumstances shall, to any extent, be invalid or unenforceable, the remainder or this Note shall not be deemed affected
thereby and every provision of this Note shall be valid and enforceable to the fullest extent permitted by law.

 

		11.	No Partner. Payee shall not become or be deemed to be a partner or joint venturer with Maker
by reason of any provision of this Note. Nothing herein shall constitute Maker and Payee as partners or joint venturers or require
Payee to participate in or be responsible or liable for any costs, liabilities, expenses or losses of Maker.

 

		12.	No Waiver. The failure to exercise any rights herein shall not constitute a waiver of the
right to exercise the same or any other right at any subsequent time in respect of the same event or any other event.

 

		13.	Governing Law. This Note shall be governed by and construed solely in accordance with the
laws of the State of Nevada.

 

 

IN WITNESS WHEREOF, Maker
has executed this Note as of the date first hereinabove written.

 

 

	MAKER:	
        Penny Auction Solutions, Inc.

        a Nevada Corporation
	 
	 	 	 
	 	/s/ Michael Holt	 
	 	Micheal Holt, COO	 

 

 

 

	MAKER:	
        Kodiak Capital Group LLC

        a Delaware limited liability company
	 
	 	 	 
	 	/s/ Ryan Hodson	 
	 	Ryan Hodson, Manager	 

 

 

 

    	2Exhibit 4.8

 

AMENDMENT TO

INVESTMENTAGREEMENT

 

THIS AMENDMENT
TO INVESTMENT AGREEMENT (the “Amendment”) is made and entered into as of February 9, 2012, by
and among Penny Auction Solutions, Inc., a Nevada corporation (the “Company”) and Kodiak Capital Group, LLC,
a Delaware limited liability company (collectively, the “Investor”). The Company and the Investor are
collectively referred to as the “Parties.”

RECITALS

 

WHEREAS,
on or about September 1, 2010, the Company and Investor entered into an Investment Agreement, which Investment Agreement (the “Investment
Agreement”) was amended by that certain Increase in Equity Line of Credit Addendum dated December 28, 2010 by and among
the Company and the Investor (the “Increase LOC,”, together with the Investment Agreement, the “Agreement”).
The Agreement is incorporated into this Amendment by this reference and all defined terms in the Agreement shall have the same
meaning in this Amendment.

WHEREAS,
the definition of “Purchase Price” is based on the “best bid” price of Common Stock and the parties prefer
it should be based on volume average weighted price”.

WHEREAS,
the Investment Agreement provides for cash fee Commitment Fee to be paid on or before February 28, 2011 and the Company and the
Investor to allow the Commitment Fee to paid by the Company’s issuance of a promissory note in favor of the Investor.

WHEREAS,
the Parties now wish to modify and amend the Investment Agreement in accordance with this Amendment.

AGREEMENT

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereto agree as follows:

AGREEMENT

1.Incorporation
of Recitals. The Recitals set forth above are herein incorporated into this Amendment.

2.Section
1-Definitions. Section 1 of the Investment Agreement shall be amended as follows:

a.The
definition of “Best Bid” shall be deleted.

b.The
definition of “Commitment Fee” shall be amended to read in its entirety as follows:

    	 

    	 

    

“Commitment
Fee” shall mean a 0% promissory note in the aggregate principal amount of $500,000 made by the Company in favor of
the Investor with a maturity date of December 12, 2012.”

c.The
definition of “Facility Amount” shall be amended to read in its entirety as follows:

“Facility
Amount” shall mean ten million dollars ($10,000,000).”

d.The
definition of “Purchase Price” shall be amended to read in its entirety as follows:

“Purchase
Price” shall mean 90% of the lowest VWAP of the Common Stock during the Pricing Period.”

e.A definition
for VWAP shall be included in Section 1 to read in its entirety as follows:

“VWAP”
shall mean the lowest daily volume weighted average price of the Common Stock during a given period of time.

3.Section
2(B)—Delivery of Put Notices. The last sentence of Section 2(B) of the Investment Agreement shall be amended by deleting
the term “Best Bid” and inserting “VWAP” in lieu thereof.

4.Section
12(Q)—Pricing of Common Stock. Section 12(Q) of the Investment Agreement shall be amended by deleting the term “Best
Bid” and inserting “VWAP” in lieu thereof.

5.Amendment.
This Amendment shall be deemed an amendment of the Investment Agreement in accordance with Section 12(F) of the Investment Agreement.

6.Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

    	2

    	 

    

IN WITNESS WHEREOF,
the Parties hereto, intending to be legally bound, have each executed this Amendment on the dates set forth above.

	 	
        COMPANY:

        Penny Auction Solutions, Inc.
	 
	 	 	 	 
	 	By: 	/s/ Michael Holt	 
	 	 	Michael Holt, Chief Operating Officer	 
	 	 	 	 

 

	 	
        INVESTOR:

        Kodiak Capital Group, LLC
	 
	 	 	 	 
	 	By: 	/s/ Ryan Hodson	 
	 	 	Ryan Hodson, Manager	 
	 	 	 	 
	 	 	 	 

 

    	3Exhibit 4.9

 

AMENDMENT NO. 1

TO

PENNY AUCTION SOLUTIONS, INC.

PROMISSORY NOTE

 

December 10, 2012

 

WHEREAS, on February
9, 2012, Penny Auction Solutions, Inc., a Nevada corporation (the “Company”), issued an unsecured promissory note (the
“Note”), pursuant to which it promised to pay to the order of Kodiak Capital Group, LLC (the “Holder”),
the principal amount of FIVE HUNDRED THOUSAND DOLLARS ($500,000), together with interest incurred thereon, as therein provided;

 

WHEREAS, the Note provided
that, all principal and interest accrued and unpaid thereunder shall become due son December 12, 2012 (the “Maturity Date”);

 

WHEREAS, the Company
and the Holder have determined that it is advisable and in their best interests to amend the Note to extend the Maturity Date to
March 31, 2013;

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
and intending to be legally bound hereby, the Company and the Holder hereby agree as follows:

 

1.Each of the first
paragraph of the Note and Section 2(a) of the Note is hereby amended by deleting “December 12, 2012” and inserting
“March 31, 2013” in lieu thereof.

 

2.This Amendment
No. 1 may be executed and delivered (including by facsimile transmission) in any number of counterparts, and by the different parties
hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. Except to the extent necessary to implement the change set forth above, the
Note shall remain unmodified and in full force and effect. This Amendment No. 1 shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the laws of the State of Nevada, without giving effect to the conflict of law
provisions thereof.

 

IN WITNESS WHEREOF,
the Company and the Holder have caused this Amendment No. 1 to be signed on the date first set forth above.

 

	 	PENNY AUCTION SOLUTIONS, INC.	 
	 	 	 	 
	 	By: 	/s/ Michael Holt 	 
	 	 	Michael Holt, President	 
	 	 	 	 

 

	 	KODIAK CAPITAL GROUP, LLC	 
	 	 	 	 
	 	By: 	/s/ Ryan Hodson	 
	 	 	Ryan Hodson

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