08/26/2024 | Press release | Distributed by Public on 08/26/2024 12:40
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
On December 26, 2019, the Company filed a report on Form 8-K disclosing the entry into a financing agreement, dated December 20, 2019 ("Original Loan") with a private individual ("Lender") who is the brother of the Company's Chief Executive Officer, Anthony Zarcone. The Original Loan was subsequently amended on nine (9) previous occasions as disclosed in reports filed on Form 8-K or 8-K/A on March 17, 2020, April 24, 2020, May 14, 2020, June 22, 2021, February 18, 2022, October 21, 2022, February 2, 2023, March 13, 2023, March 31, 2023, August 4, 2023, and November 13, 2023, respectively.
Effective August 16, 2024, the Company and Lender entered into a Tenth Amending Agreement extending the maturity date of the Original Loan to May 31, 2025, or such earlier date as demanded by Lender. The remaining terms and conditions of the Original Loan, as amended, remain in full force and effect.