Attached files
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| EX-10.1 - PROMISSORY NOTE DATED APRIL 22, 2020. - Sanara MedTech Inc. | smti_ex101.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): April 22,
2020
SANARA MEDTECH INC.
(Exact name of registrant as specified in its
charter)
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Texas
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000-11808
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59-2219994
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(State
or other jurisdiction of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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1200
Summit Avenue, Suite 414 Fort
Worth, Texas
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76102
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(Address
of principal executive offices)
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(zip
code)
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Registrant’s telephone number, including area code:
(817)-529-2300
Securities
registered pursuant to Section 12(b) of the Act: None
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐
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))
Indicate
by check mark whether the registrant is an emerging growth company
as defined in in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging growth company ☐
If an emerging growth company, indicate by
checkmark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
Item
1.01 Entry into a Material Definitive Agreement.
On
April 22, 2020, Sanara MedTech Inc. (the "Company") executed an
unsecured promissory note to Cadence Bank, N.A. (the
“Loan”) pursuant to the Paycheck Protection Program
(the “PPP”) under Division A, Title I of the federal
Coronavirus Aid, Relief, and Economic Security
(“CARES”) Act. The Company plans to use the Loan
proceeds for covered payroll costs in accordance with the relevant
terms and conditions of the CARES Act.
The
Loan is in the principal amount of $583,000, bears interest at a
fixed rate of 1.00% per annum and matures on April 22, 2022. The
Loan requires monthly payments of principal and interest in the
amount of $24,546 commencing on November 2, 2020 with a final
payment of $174,115 due on April 22, 2022. The Loan may be prepaid
at any time prior to maturity without penalty. Under the terms of
the PPP, the Company may apply for forgiveness of the amount due on
the Loan equal to the sum of payroll costs, covered rent and
covered utility payments incurred during the 8-week period
commencing on the loan funding date of April 24, 2020.
The
foregoing summary is qualified in its entirety by reference to the
promissory note which is attached hereto as Exhibit
10.1.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation
Under an Off-Balance Sheet Arrangement of a
Registrant.
Reference is made
to the disclosure under Item 1.01 above which is hereby
incorporated in this Item 2.03 by reference.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits:
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Exhibit
No.
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Description
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Promissory Note
dated April 22, 2020.
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SIGNATURE
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.
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Sanara MedTech Inc. |
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Date: April 29, 2020
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By:
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/s/ Michael D. McNeil
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Name: Michael D. McNeil
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Title: Chief
Financial Officer
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