Summary by Moomoo AI
Mobiquity Technologies, Inc., a company incorporated in New York, filed an amended Form 8-K/A with the SEC on July 3, 2024, to correct the item number from a previous report. The amendment pertains to the conversion of demand promissory notes into convertible notes on June 27, 2024. The company converted $187,000 in cash and an additional $25,000 for legal services into convertible notes totaling $212,000, due by December 31, 2024. These notes are convertible at $.50 per share at the holder's discretion. Dr. Salkind, the Chairman of Mobiquity Technologies, holds $160,000 of these notes. Additionally, the company reported an oversubscribed offering of $1,037,000, exceeding the target of one million dollars, as detailed in their Form 10-Q filed on May 20, 2024. This resulted in $435,000 in cash raised from various accredited investors since the last filing, increasing the total outstanding common shares to 7,447,816. The transactions were exempt from registration under Rule 506, Section 4(2) /or Section 3(a) (9) of the Securities Act of 1933, with no commissions paid.
