IFAN IFAN Financial Inc (CE)

ITEM 1.01 - Entry into a Material Definitive Agreement

On May 1, 2017, IFAN Financial, Inc., a Nevada Corporation (the “Company”) entered into and closed a securities purchase agreement with an accredited investor, pursuant to which the Company issued, sold to the investor a convertible promissory note in the principal amount of $100,000 (the “Investment Note”) for a purchase price of $100,000. The Investment Note is convertible into the Company’s common stock at a conversion price equal to 55% of the lowest closing bid price of the common stock for the thirty trading days prior to conversion. Repayment of the Investment Note is due one year from the date of issuance. The Investment Note accrues interest at the rate of 10% per year, due at maturity. The Company may prepay the Investment Note, upon five days written notice and subject to the optional prepayment amount of 130% multiplied by the then outstanding balance on the Investment Note. The Company is using these proceeds to pay its outstanding balances to its service providers, such as its auditor and bookkeeper, which will allow the Company to move towards becoming current with its SEC filings again and continue to proceed with its business plan.

A copy of the Investment Note is filed herewith, as Exhibits 10.01, and is incorporated herein by this reference.

The foregoing summary description of the Investment Note is not complete and is qualified in its entirety by reference to the full text of the Investment Note. The Investment Note also contains customary events of default. For further information regarding the terms and conditions of the Investment Note, this reference is made to such agreement, which the Company has filed as an exhibit to this Current Report on Form 8-K and is incorporated herein by this reference.