09/10/2024 | Press release | Distributed by Public on 09/10/2024 11:44
Item 1.01 |
Entry into a Material Definitive Agreement. |
Financing Agreements
On September 6, 2024, the Company entered into a lending agreement with one (1) of its historical institutional investors, Mercer Street Capital. On September 9, 2024, the Company entered into a lending agreement with another historical institutional investor, AJB. The identical notes provided $25,000 of proceeds, are for a 12-month period, and earn interest at ten percent (10%) per year. The Lenders and the Company have agreed that the use of the proceeds is intended to fund compliance related costs such as SEC reporting, audit, legal and accounting related. The Company expects to enter into similar agreements with other investors to meet its continuing costs for compliance. A copy of the form of notes can be found in the exhibits to this filing.