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On August 28, 2017, FitLife Brands Inc. (the "Company") entered into a Loan Modification Agreement ("Agreement") with U.S. Bank National Association (the "Bank"), pursuant to which the Company, and NDS Nutrition Products Inc. and Isatori, Inc. (the "Subsidiaries"), agreed to amend the terms of certain Loan Documents, as such term is defined in the Agreement. As a result of the Agreement, the Bank agreed to waive any existing events of default under the terms of the Loan Documents, in consideration for modifications to the Load Documents setting forth, among other terms, amended and additional loan covenants and an effective interest rate equal to the prime rate announced from time to time by the Bank plus 0.50%. All amounts due and owing the Bank under the terms of the Loan Documents, totalling approximately $2.57 million as of August 16, 2017, are due and payable on December 15, 2017.
The repayment of all amounts due under the terms of the Loan Documents are guaranteed by the Subsidiaries, and secured by all assets of the Company and the Subsidiaries.
See Exhibit Index.
The foregoing description of the Loan Modification Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the form of Loan Modification Agreement attached hereto as Exhibit 10.1 which is incorporated by reference herein.
FitLife Brands, Inc. |
By: | /s/ Michael Abrams |
Name: Michael Abrams | |
Title: Chief Financial Officer |
Exhibit No. | Description | |
EX-10.1 | Loan Modification Agreement, by and between the Company and U.S. National Bank Association |