FitLife Brands, Inc. (OTCMKTS:FTLF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
FitLife Brands, Inc. (OTCMKTS:FTLF) Files An 8-K Entry into a Material Definitive Agreement
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
On April 27, 2020, Fitlife Brands, Inc. (the “Company”), received approval to enter into a U.S. Small Business Administration (“SBA”) Note Payable Agreement (the “PPP Loan”) with CIT Bank, N.A. (the “Lender”), to the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) as administered by the SBA (the “Loan Agreement”). The PPP Loan provides for working capital to the Company in the amount of approximately $449,700. The PPP Loan will mature on April 27, 2022, and will accrue interest at a rate of 1.00% per annum. Payments of principal and interest will be deferred for six months from the date of the PPP Loan, or until November 27, 2020. Interest, however, will continue to accrue during this time. The PPP Loan was made under the Paycheck Protection Plan (15 U.S.C. 636(a)(36)) enacted by Congress under the CARES Act. The CARES Act (including the guidance issued by SBA and U.S. Department of the Treasury related thereto) provides that all or a portion of the PPP Loan may be forgiven upon request from the Company to Lender, subject to requirements in the PPP Loan and the CARES Act. The foregoing summary of the PPP Loan is qualified in its entirety by reference to the Loan Agreement, which is attached as Exhibit 10.1 hereto.
Item 9.01 Financial Statements and Exhibits.
See Exhibit Index.
Exhibit Index
FITLIFE BRANDS, INC. Exhibit
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About FitLife Brands, Inc. (OTCMKTS:FTLF)
FitLife Brands, Inc. is a provider of nutritional supplements for health conscious consumers marketed under the brand names, such as NDS Nutrition Products (NDS) (www.ndsnutrition.com), PMD (www.pmdsports.com), SirenLabs (www.sirenlabs.com), CoreActive (www.coreactivenutrition.com) and Metis Nutrition (www.metisnutrition.com) (together, NDS Products). The Company’s product portfolio also includes brands, including iSatori (www.isatori.com), CT Fletcher, BioGenetic Laboratories, and Energize (together, iSatori Products). The NDS Products are distributed principally through franchised General Nutrition Centers, Inc. (GNC) stores located both domestically and internationally, and, with the addition of Metis Nutrition, through corporate GNC stores in the United States. The iSatori Products are sold through approximately 25,000 retail locations, which include specialty, mass and online. Its iSatori Products are sold through iSatori, Inc., which is a subsidiary of the Company.