GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.
As previously disclosed, on April 19, 2017, Great Basin
Scientific, Inc. (the Company) obtained an advance of $1.2
million from Utah Autism Foundation (the Foundation). David
Spafford, one of the Companys directors, and his wife, Susan
Spafford, have been designated by the Foundation as Founding
Trustees under its bylaws and have authority to control certain
activities of the Foundation. The funds were used to repurchase
both sets of analyzers from Onset Financial, Inc. (Onset) that
were currently being leased from Onset to a sale-leaseback
agreement.
On May 4, 2017 the Company and the Foundation entered into a
definitive loan agreement, whereby the Company issued a
promissory note with an effective date of April 13, 2017, for the
$1.2 million advance.The principal and all accrued and unpaid
interest thereon, shall be repaid by the Company in twenty-three
(23) consecutive equal monthly installments of Forty-Five
Thousand Dollars ($45,000.00), commencing May 13, 2017, and
continuing on the 13th day of each month thereafter, with a final
payment of Three Hundred Thousand Four Hundred One and 54/100
Dollars ($300,401.54), representing all remaining unpaid
principal and accrued interest, to be paid in the twenty-fourth
(24th) month on April 13, 2019. The interest rate is 10.0% per
annum and the Company granted a security interest in the
analyzers to the Foundation until the loan is fully paid. The
agreement includes standard and customer terms and default
provisions.
The loan from the Foundation replaced $1.2 million in Company
obligations to Onset that had higher monthly payments of $139,540
through September 2017 and $74,875 from October 2017 through
April 2018.
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Item 2.03. |
Creation of a Direct Financial Obligation or an |
To the extent required by Item 2.03 of Form 8-K, the information
contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference herein.
Item 3.03.Material Modification to Rights of Security Holders.
To the extent required by Item 3.03 of Form 8-K, the information
contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference herein
Item 9.01.Financial Statements and Exhibits.
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(d) |
Exhibits |
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Exhibit Number |
Exhibit Title or Description |
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10.1* |
Form of Purchase Money Security Agreement by and between |
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10.2* |
Form of Purchase Money Promissory Note dated April 13, |
*Filed herewith.
About GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN)
Great Basin Scientific, Inc. is a molecular diagnostic testing company. The Company is focused on the development and commercialization of its molecular diagnostic platform designed to test for infectious diseases, especially hospital-acquired infections. Its commercially available tests are clostridium difficile (C. diff) and Group B Strep. Its system includes an analyzer and a diagnostic cartridge. Each analyzer contains a module into, which individual test cartridges are placed. Its other diagnostic assays in the late stages of product development include a pre-surgical nasal screen for Staphylococcus aureus (SA), food borne pathogen panel, panel for candida blood infections, test for pertussis and a test for Chlamydia tracomatis (CT)/Neisseria gonorrhea (NG). The Company also has a pipeline of assays in an early stage of development, including respiratory testing and sepsis (blood infection) panels. It markets a platform of molecular testing in small to medium sized hospitals. GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Recent Trading Information
GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) closed its last trading session 00.0000 at 0.0602 with 3 shares trading hands.