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)
June 12, 2021
(Exact name of registrant as specified in its charter)
| Nevada | | 000-18590 | | 84-1133368 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
651 Corporate Circle, Suite 200, Golden, CO 80401
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (303) 384-1400
Not applicable
(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.):
| ☐ | 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)) |
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, $0.001 par value | | GTIM | | Nasdaq Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
| Item 1.02 | Termination of a Material Definitive Agreement. |
As previously reported in the Current Report on Form 8-K dated May 12, 2020 by Good Times Restaurants, Inc. (the “Company”), on May 7, 2020, Good Times Restaurants Inc., a Nevada corporation, and three of its wholly-owned subsidiaries, Bad Daddy’s International, LLC (“BDI”), Good Times Drive-Thru Inc. (“GDT”) and BD of Colorado, LLC (“BD of Colorado”), entered into unsecured loans (the “Loans”) with Cadence Bank, N.A. (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”), which is sponsored by the Small Business Administration (the “SBA”).
On June 12, 2021, the Company received confirmation from the Lender that the SBA approved the Company’s PPP Loan forgiveness application for the Company’s Loan in the amount of $546,015.00 (including accrued interest), BDI’s Loan in the amount of $5,216,465.53 (including accrued interest) and GDT’s Loan in the amount of $2,268,995.67 (including accrued interest). The balance on each of these Loans is now zero.
The forgiveness application for BD of Colorado’s Loan in the amount of $3,702,000.00 has not yet been approved though the Company expects to receive approval from the SBA in the near term. However, until it receives official notification from the SBA, the Company cannot give any assurance that this Loan will be forgiven in whole or in part.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed as part of this report:
None.
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.
| | | GOOD TIMES RESTAURANTS INC. |
| | | |
| | | |
| Date: | June 17, 2021 | By: |  |
| | | | Ryan M. Zink |
| | | | Chief Executive Officer |
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