On October 14, 2016, Visualant, Inc. (the Company) entered into amendments to two demand promissory notes, totaling $600,000, and a note payable for $200,000 related to the Umpqua Bank Business Loan Agreement with Mr. Erickson, our Chief Executive Officer and/or entities in which Mr. Erickson has a beneficial interest. The amendments extend the due date from September 30, 2016 to December 31, 2016 and continue to provide for interest of 3% per annum and a second lien on company assets if not repaid by December 31, 2016 or converted into convertible debentures or equity on terms acceptable to the Holder.
The foregoing description of the Amendment 8 to Demand Promissory Note, Amendment 9 to Demand Promissory Note and Amendment 11 to Demand Promissory Note is qualified in its entirety by reference to the Amendments attached to this Current Report on Form 8-K as Exhibits 10.1, 10.2 and 10.3 are incorporated by reference into this 1.01.
Item 9.01Financial Statements and Exhibits.
Amendment 8 to Demand Promissory Note dated October 14, 2016 by and between Visualant, Inc. and J3E2A2Z LP.
Amendment 9 to Demand Promissory Note dated October 14, 2016 by and between Visualant, Inc. and J3E2A2Z LP.
Amendment 11 to Demand Promissory Note dated October 14, 2016 by and between Visualant, Inc. and J3E2A2Z LP.
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.
Registrant: VISUALANT, INCORPORATED
Jeff Wilson, CFO
November 14, 2016
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Other recent filings from the company include the following:
Entry into a Material Definitive - Nov. 3, 2017