Item 1.01 Entry into a Material Definitive Agreement
On January 12, 2021, the Company advanced the amount of $100,000 to KFH.
Repayment of this amount was evidenced by a Promissory Note (the "Note")
executed by KFH and payable to the Company. The Note matures on June 30, 2021,
is unsecured, bears interest at a rate of 10% per annum, and the unpaid
principal and interest may be accelerated upon an event of default as defined
thereunder. The amount advanced is to be used by KFH exclusively toward the
purchase of real property located in Gilbert, Arizona. Aaron Klusman is the sole
member of KFH. Mr. Klusman is also Chief Executive Officer and Chairman of the
Board of the Company.
The description of the Note is only a summary of the material terms of the Note,
does not purport to be a complete description of the Note, and is qualified in
its entirety by reference to the Note, a copy of which is filed as Exhibit 10.1
and incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement
The cancellation of the Original Note as disclosed in the Explanatory Note above
is hereby incorporated by reference. There are no early termination penalties
resulting from such cancellation. Aaron Klusman is the sole member of KFH. Mr.
Klusman is also Chief Executive Officer and Chairman of the Board of the
Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Promissory Note payable by Klusman Family Holdings, LLC.
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