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 (Date of earliest event reported) April 23, 2020
| ADVANZEON SOLUTIONS, INC. |
| (Exact name of registrant as specified in its charter) |
| Delaware | | 1-9927 | | 95-2594724 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| 2901 W. Busch Blvd., Suite 701, Tampa, FL. | | 33618 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code 813.517.8484
| |
| (Former name or former address, if changed since last report) |
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 (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ 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))
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☐
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.
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which
registered |
| Common Stock | | CHCR | | OTCBB |
Item 1.01 Entry into a Material Definitive Agreement
On April 23, 2020, the Registrant ‘s wholly owned subsidiary, Pharmacy Value Management Solutions, Inc. (the “Borrow”), was granted a loan (the “Loan”) from Mechanics Bank in an amount of $ 1,243,840, pursuant to the Paycheck Protection Program (the “PPP”) under Division A., Title I of the CARES ACT, which was enacted March 27, 2020.
The Loan, represented by a Note dated April 23, 2020, issued by the Borrower matures on April 23, 2022 and bears interest at a rate of 1.000%. The Loan is to be repaid in eighteen monthly installments of $69,999.78, beginning on November 23, 2020. Pursuant to the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Reference is made to the disclosure under Item 1.01 above which is hereby 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.
| | ADVANZEON SOLUTIONS, INC |
| DATE: April 27, 2020 | |
| | By: | /s/Clark a. Marcus |
| | | Clark A. Marcus, Chief Executive Officer |
