ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
Under the terms of the Loan Agreement:
a. ALR Singapore may receive additional advances under the Loan Agreement upon
request, subject to the approval of KWC, such advances to be considered an
increase of the Principal thereunder.
b. ALR Singapore may repay the Principal at any time prior to the launch of the
DX GluCurve Pet CGM, in whole or in part, at ALR Singapore's option with a payment equal to 120% of the Principal owing. Any Principal redeemed prior to the launch of the DX GluCurve Pet CGM will not be subject to the royalty payment described below.
c. ALR Singapore is obligated to pay KWC
GluCurve Pet CGM sensors sold to its distributor, which will be accounted for
as follows:
i.
ii.
Principal.
d. Once the Principal amount is repaid in full, the loan will be extinguished and
there will be no further amounts owed by the Company to KWC under the Loan
Agreement.
e. The Loan is scheduled to mature on
equal to 120% of the Principal then outstanding will be due and payable to
KWC.
f. ALRT, ALR Singapore, as well as certain of their respective subsidiaries
and/or affiliates are obligated to grant KWC a general security interest in
their respective assets.
Ms.
The foregoing description of the Loan Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Loan Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
ITEM 9.01 EXHIBITS AND FINANCIAL STATEMENTS. Exhibit Document Description 10.1 Loan Agreement betweenKan Wan Chan Holdings Pte. Ltd. and ALRTechnologies SG Pte. Ltd. datedSeptember 6, 2022
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