Attached files
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| EX-10 - MATERIAL CONTRACTS - SCIENTIFIC INDUSTRIES INC | unsignedloandocuments.htm |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
April 14, 2020
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SCIENTIFIC INDUSTRIES, INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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000-6658
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04-2217279
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(State
or other Jurisdiction)
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(Commission
File Number)
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(IRS
Employer No.)
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80 Orville Drive
Bohemia, New York 11716
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(Address
of principal executive offices)
(631) 567-4700
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(Registrant's
telephone number, including area code)
Not Applicable
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(Former
name or former address, if changed since last report)
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
April 14, 2020, the Company entered into a loan agreement with its
bank, First National Bank of Pennsylvania pursuant to a note
amounting to $563,700 under the U.S. Small Business Administration
Paycheck Protection Program. The note has a maturity date of April
17, 2022 with an interest rate of 1%. The loan is subject , in all
respects, to the Coronavirus Aid, Relief, and Economic Security
Act, with an initial deferment period of six months and a loan
forgiveness provision whereby the Company may apply for forgiveness
of an amount equal to payroll, rent, and utility payments made
during the eight-week period following the date of the
loan.
ITEM 9.01 Financial Statements and Exhibits
(a) and
(b) not applicable
(c)
Exhibits
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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SCIENTIFIC INDUSTRIES, INC.
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Date: April 21, 2020
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By:
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/s/ Helena R. Santos
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Helena R. Santos,
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President and Chief Executive Officer
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