MEDICAL IMAGING CORP. (OTCMKTS:MEDD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 — Entry into a Material Definitive Agreement
On October 1, 2018, Medical Imaging Corp. (the “Company”) sold its interest in its operating subsidiary Schuylkill Open MRI, Inc. (“SMI”) for $2,250,000. After all of the debts of SMI were paid, including Company IRS liens, the secured debt owed to Flow Capital, CTS subsidiary secured debts, and transaction closing costs, the net amount of proceeds to the Company was approximately $400,000.
In conjunction with the sale of SMI, the Company paid its secured debt obligation to Flow Capital of nearly $625,000. Additionally, the Company restructured its royalty agreement with Flow Capital such that the new royalty has been reduced with a minimum monthly payment of $6,000. As part of the new agreement with Flow Capital, 4,000,000 shares of Company common stock were issued to Flow Capital and the royalty has been granted a first security position on all Company assets.
About MEDICAL IMAGING CORP. (OTCMKTS:MEDD)
Medical Imaging Corp. is a healthcare services company. The Company focuses on medical diagnostic imaging. It develops, owns and operates private diagnostic imaging clinics. The Company focuses on developing diagnostic imaging technology. The Company owns and operates approximately five subsidiaries, including Canadian Teleradiology Services Inc. (CTS), which operates as Custom Teleradiology Services; Schuylkill Open MRI Inc., which operates as Schuylkill Medical Imaging (SMI); Partners Imaging Center of Venice, LLC (PIV); Partners Imaging Center of Naples, LLC (PIN), and Partners Imaging Center of Charlotte, LLC (PIC). The Company acquires and operates medical diagnostic imaging facilities and imaging services businesses. CTS provides remote reading and reporting of medical diagnostic imaging scans (Teleradiology) for rural hospitals and clinics in Canada. SMI is a medical imaging facility serving patients in Schuylkill County, Pennsylvania.