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EX-10.1 - PROMISSORY NOTE DATED OCTOBER 19, 2016 - Echo Therapeutics, Inc.ex10-1.htm

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 19, 2016
 
Echo Therapeutics, Inc.
 (Exact name of Company as specified in its charter)
 
 
Delaware
001-35218
41-1649949
(State or other jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
99 Wood Avenue South., Suite 302
Iselin, NJ
 
 
08830
 (Address of principal executive offices)
 
(Zip Code)
 
Company’s telephone number, including area code: (732) 201-4194
 
 (Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
 
 
Item 2.03        Creation of a Direct Financial Obligation or an Obligation Under an Off- Balance Sheet Arrangement of a Registrant.
 
On October 19, 2016, Echo Therapeutics, Inc. (the “Company”) issued a promissory note to Network Victory Limited (“Lender”) in the aggregate principal amount of $125,000 in respect of a bridge loan made by such party. The promissory note, which bears interest at 18% per annum, may, at Lender’s option, be exchanged for securities issued in a subsequent financing by the Company.
 
The description of the promissory note set forth herein does not purport to be complete and is qualified in its entirety by reference to the promissory note, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
 
Item 9.01        Financial Statements and Exhibits.
 
10.1 Promissory Note with Network Victory Limited dated October 19, 2016.
 
 
 
 
SIGNATURES
 
              Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                                                                                    
 
ECHO THERAPEUTICS, INC.
 
 
Dated: October 19, 2016
By:   /s/ Alan W. Schoenbart
 
 Alan W. Schoenbart
 
 
 Chief Financial Officer
 
 
 
 
 
 
 
 
Exhibit Index
 
 
10.1        Promissory Note with Network Victory Limited dated October 19, 2016.