Maximum $1,070,000 in Convertible Promissory Note and SAFT's
Minimum $10,000 in Convertible Promissory Note and SAFT's
|Company||General Presence Inc. dba ZEN|
|Corporate Address||26 Westminster Avenue Unit 4|
Los Angeles (Venice), CA 90291
|Description of Business||General Presence Inc. is a leading consumer internet company and maker of ZEN, a new type of social media platform that empowers users to build community and earn money through a blockchain-powered marketplace.|
|Type of Security Offered||Convertible Promissory Notes and SAFT|
|Minimum Investment Amount (per investor) ||$100|
Convertible Note and SAFT | Minimum $100 Investment
Note converts into shares of Preferred Stock when the Company raises $2M in a single preferred equity investment or at an initial token sale. Investors will also be given the option to convert all of the amounts outstanding under the note into future tokens, of coin at a discount instead of equity in an initial token sale.
If you convert into Stock:
Maturity Date: November 1, 2020
$10M valuation cap
1% yearly interest rate
20% Discount to the price of preferred equity
What is a Convertible Note?
A convertible note offers you the right to receive shares in General Presence Inc. The number of shares you will receive in the future will be determined at the next equity round in which General Presence Inc raises at least $2M in a preferred equity financing. The highest conversion price per share is set based on a $10M company valuation cap or if less then you will receive a 20% discount on the price the new investors are purchasing. You also receive 1% interest per year added to your investment. If the maturity date is reached and the note has not converted then you are entitled to receive your investment plus accrued interest back from the Company.
Alternatively, you may elect to convert all the outstanding amounts due under the Note into the right to receive coins, utility tokens which shall be developed by General Presence Inc. In such case, the outstanding amounts will be converted at the purchase price offered in the initial token sale discounted according to the rates below. The Company is developing a distributed ledger based business model and the ZEN utility token; provided however, such ecosystem and utility token do not presently exist. Investors who have elected to receive the right to future tokens at the time of an equity financing will receive such to coins upon the network launch and initial token offering.
If you convert into Coins:
The outstanding amounts due under the Note may convert upon a network launch (of coins) and initial token sale.
If you invest you will receive tokens at the purchase price of the initial token offering multiplied by the following: (1 minus the discount below).
- $5,000+: 50%
- $2,500 - $4,999: 40%
- $1,000 - $2,499: 35%
- $500 - $999: 30%
- $100 - $499: 20%
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments and salary made to one's self, a friend or relative; Any expense labeled "Administration Expenses" that is not strictly for administrative purposes; Any expense labeled "Travel and Entertainment"; Any expense that is for the purposes of inter-company debt or back payments.
Most recent fiscal year-end:
Prior fiscal year-end:
Cash And Cash Equivalents
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.