The following excerpt is from the company's SEC filing.
On July 15, 2015, SofTech, Inc. (SofTech) entered into an agreement with EssigPR, Inc. (EssigPR) a Puerto Rico corporation to amend its existing $300,000 short term debt agreement (the Short Term Note) to extend the due date by three months from July 10, 2015 to October 10, 2015. The interest rate on the Short Term Note is 9.5%, payable quarterly in arrears and can be repaid at any time without penalty. EssigPR was awarded 2,500 stock options to purchase SofTech common stock at $1.00 per share as part of this agreement. The stock options will expire on July 15, 2025 if not exercised.
F inancial Statements and Exhibits.
Amendment No. 2 to Term Note
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.
Date: July 21, 2015
/s/ Joseph P. Mullaney
President & Chief Executive Officer
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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