Item 8.01. Other Events.
As previously disclosed,
On
? an award in favor of MMG against Vivos under Note I (as defined in the Award) in the amount of$3,458,377 , with interest thereon fromJune 30, 2022 , at the rate of 4.5% per year; ? no award as to Note II (as defined in the Award) until and at such time as the automatic stay imposed by theUnited States Bankruptcy Court as a result of the filing of a petition in bankruptcy by VREH is lifted or the bankruptcy proceeding is terminated; ? an award in favor of MMG against Vivos under Note III (as defined in the Award) in the amount of$800,448 , with interest thereon fromJune 30, 2022 , at the rate of 2.5% per year, plus collection costs, including reasonable attorneys' fees, incurred in the effort to collect Note III; ? an award in favor of MMG against Naveen under the Personal Guaranty (as defined in the Award) in the amount of$2,309,449 , plus interest thereon at the rate of 6% per year from the date of the Award; ? an award in favor of the Company against Naveen, Valleru, Janumpally, individually and as Trustee ofJudos Trust , and Pathuri, as Trustee ofIgly Trust , jointly and severally, for contract damages of$1,000,000 , to be satisfied by the transfer of their shares of the Company common stock to the Company equal in value to$1,000,000 , valued as of the date of the Award, in accordance with the provisions of Section 9.06(d) of the Merger Agreement; ? an award in favor of the Company against Naveen, Valleru, Janumpally, individually and as Trustee ofJudos Trust , and Pathuri, as Trustee ofIgly Trust , jointly and severally, for fraud damages in the amount of$4,327,127 , plus interest thereon at the rate of 6% per year from the date of the Award, together with any out-of-pocket fees and expenses, including attorneys' and accountants' fees; ? an award appointing a rehabilitative receiver for the Company under the deadlock situation provisions of Section 11.404(a)(1)(B) of the Texas Business Organizations Code, the primary function of which is to collect the contract and fraud damages, including costs, expenses and fees provided in the Award, due to the Company, with matters regarding such receivership to be set forth in a supplemental award; and ? declaratory relief in favor of the Company and its officers and directors.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description 99.1 Arbitration Award, datedAugust 31, 2022 . 104 Cover Page Interactive Data (embedded within the Inline XBRL document).
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