UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934 |
Date
of Report: May 4, 2020
(Date of earliest event reported) |
MEDTAINER,
INC.
(Exact name of Registrant as specified in its charter) |
|
Florida
(State or other jurisdiction
of incorporation) |
000-29381
(Commission File Number) |
65-0207200
(IRS Employer
Identification Number) |
|
1620
Commerce St.
Corona, CA
(Address of principal executive offices) |
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92880
(ZIP Code) |
(844) 226-5649
(Registrant's telephone number, including area code) |
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Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|
[ ] |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] |
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
[ ] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
[ ] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant
to Section 12(b) of the Act: None
Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company [X]
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Section 1 - Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On May 4, 2020, the
Registrant made a note in favor of Customers Bank in the principal amount of $137,690 pursuant to the terms of the Paycheck
Protection Program authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and pursuant to all
regulations and guidance promulgated or provided by the SBA and other federal agencies that are now, or may become,
applicable to the loan. The loan bears interest at the rate of 1% per annum. No interest or principal will be required during
the first six months after the loan amount was disbursed, although interest will continue to accrue over this deferral
period. After the deferral period and after taking into account any loan forgiveness applicable to the loan pursuant to the
Program, as approved by SBA, any remaining principal and accrued interest will be payable in substantially equal monthly
installments over the remaining 18-month term of the loan, in the amount and according to the payment schedule provided by
lender. The loan will be forgiven if its proceeds are used for payroll, mortgage interest, rent, and utilities during the
8-week period beginning on May 4, 2020. However, the amount of loan forgiveness will be reduced if less than 75% of the funds
is expended for payroll over that period. Because the Registrant may not require a number of employees such that it would
expend these funds for payroll to that extent, a substantial portion of the loan may not be forgiven. In addition, the amount
of the loan to be forgiven and other terms of the loan may be affected by regulations and interpretations that have not yet
been adopted or, if presently adopted, are changed.
Item 2.03 Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01, “Entry into a Material Definitive Agreement,”
is incorporated herein by reference.
SIGNATURES
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.
MEDTAINER,
INC. |
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By:
/s/ Douglas Heldoorn |
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Douglas Heldoorn |
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Chief
Operating Officer |
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Dated: May 26,
2020