CurAegis Technologies, Inc. (OTCMKTS:CRGS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On April 4, 2019, CurAegis Technologies, Inc. (the “Company”) entered into an unsecured subordinated promissory note agreement (the “Kaplan Note”), with Richard A. Kaplan as lender. Mr. Kaplan is the Company’s Chief Executive Officer and is a director of the Company. The Kaplan Note provides for borrowing by the Company of $100,000. The maturity date of the Loan is July 3, 2019, and interest accrues on the outstanding balance of the Kaplan Note at a rate of 6% per annum. The description of the Kaplan Note above is only a summary and is subject to, and qualified in its entirety by reference to, the unsecured subordinated promissory note agreement, a copy of which is attached as Exhibit10.1 and incorporated by reference in this Current Report on Form8-K.
On March 26, 2019, the Company entered into an unsecured subordinated promissory note agreement (the “Destler Note”), with William Destler as lender. The Company’s Audit Committee approved this related party agreement on April 4, 2019. Mr.Destler is a director of the Company. The Destler Note provides for borrowing by the Company of $25,000. The maturity date of the Destler Note is June 24, 2019, and interest accrues on the outstanding balance of the Destler Note at a rate of 6% per annum. The description of the Note herein is only a summary and is subject to, and qualified in its entirety by reference to, the unsecured subordinated promissory note agreement, a copy of which is attached as Exhibit10.2 and incorporated by reference in this Current Report on Form8-K.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance sheet Arrangement of a Registrant
The information set forth above under “Item 1.01 Entry into a Material Definitive Agreement” is incorporated by reference in Item 2.03 of this Current Report on Form 8-K.
Item 8.01 Other Events
On April 4, 2019, Richard A. Kaplan, the Company’s Chief Executive Officer, provided an update of the Company’s recent events. A copy of the update is attached hereto as Exhibit99.1 and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
10.1 Unsecured Subordinated Promissory Note Agreement dated April 4, 2019
10.2 Unsecured Subordinated Promissory Note Agreement dated March 26, 2019
99.1 CEO Update dated April 4, 2019
CurAegis Technologies, Inc. Exhibit
EX-10.1 2 ex_140141.htm EXHIBIT 10.1 ex_140141.htm Exhibit 10.1 UNSECURED SUBORDINATED PROMISSORY NOTE AGREEMENT $100,…
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About CurAegis Technologies, Inc. (OTCMKTS:CRGS)
CurAegis Technologies Inc., formerly Torvec, Inc., develops and markets technologies in the areas of power, safety and wellness. The Company is focused on technologies, such as the Circadian User Risk Assessment (CURA) system and the Aegis hydraulic pump. The Company’s divisions include CURA Division and Aegis Division. The CURA division is engaged in the fatigue management business. The CURA system consists of individual elements, including the myCadian watch; panic-button and man-down system; CURA software, and the Z-Coach wellness program. The myCadian watch, a wearable device paired with the CURA system, is a real time alertness and emergency monitoring system that addresses sleep and fatigue management solutions. The Z-Coach e-learning module includes Z-Coach Aviation, which is designed for aviation professionals, from flight and ground crews, to scheduling, dispatch, administration and management. The Company’s Aegis division is engaged in the power and hydraulic business.
