BioVie Inc. (OTCMKTS:BIVI) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 27, 2017, BioVie Inc. ("BioVie") entered into "An Agreement to Defer Payment of Accrued Salary" with Elliot Ehrlich, the former CEO of BioVie’s predecessor company, Nanobiotics, Inc. That agreement defers until December 31, 2019 BioVie’s obligation to pay Mr. Ehrlich $222,028 in salary that was previously accrued. That agreement also includes, as an attachment, a promissory note by BioVie to Mr. Ehrlich incorporating those terms, which promissory note carries no interest obligation if the principal amount is timely repaid and a five percent (5%) rate for any amounts unpaid beyond its due date. Mr. Ehrlich also agreed to forgo payment of a separate $222,028 in previously accrued salary.
On March 31, 2017, BioVie entered into substantially identical agreements (with accompanying promissory notes) for the deferral of previous accrued amounts that were owed by BioVie to Jonathan Adams, BioVie’s CEO, and to Barrett Ehrlich, who serves as a financial consultant to BioVie. BioVie’s promissory note to Mr. Adams is in the amount of $180,556. BioVie’s promissory note to Mr. Barrett Ehrlich is in the amount of $173,333.
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About BioVie Inc. (OTCMKTS:BIVI)
BioVie, Inc., formerly NanoAntibiotics, Inc., is a development-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of drug therapies. The Company is focused on commercializing BIV201, which is used for the treatment of ascites due to liver cirrhosis. The Company’s therapy BIV201 is based on a drug that is approved in over 50 countries to treat related complications of liver cirrhosis (part of the same disease pathway as ascites). The Company’s subsidiary is LAT Acquisition Corp. BioVie Inc. (OTCMKTS:BIVI) Recent Trading Information
BioVie Inc. (OTCMKTS:BIVI) closed its last trading session 00.000 at 0.300 with shares trading hands.