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SMTI Sanara MedTech

 

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)
 
 Texas 000-11808
 59-2219994
 (State or other jurisdiction of incorporation)  
 (Commission File Number) (I.R.S. Employer Identification No.)
 
 1200 Summit Avenue, Suite 414 Fort Worth, Texas
 76102
 (Address of principal executive offices) (zip code)
 
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:
 
Exhibit No.Description
Promissory Note dated April 22, 2020.
 
 
 
 
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.
 
 Sanara MedTech Inc. 
    
Date: April 29, 2020
By:  /s/ Michael D. McNeil 
  
Name: Michael D. McNeil  
 
  
Title: Chief Financial Officer