Current Report Filing (8-k)
November 29 2021 - 4:02PM
Edgar (US Regulatory)
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2021-11-12
2021-11-12
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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): November 29, 2021 (November 12, 2021)
Assisted
4 Living, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-226979
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82-1884480
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(State
or Other Jurisdiction
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(Commission
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(I.R.S.
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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5115
East SR 64 Bradenton, Florida
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34208
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(Address
of Principal Executive Office)
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(Zip
Code)
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(855)
668-3331
(Registrant’s
telephone number, including area code)
n/a
(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:
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act: None
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 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On
November 12, 2021, Assisted 4 Living, Inc., a Nevada corporation (the “Company”), entered into a guaranty agreement
in connection with a loan made to its wholly-owned subsidiary, Assisted 4 Living Consulting, Inc. (“Borrower”) in
the principal amount of $1,001,467 (the “Loan”). Pursuant to the terms of the guaranty agreement, the Company has
unconditionally guaranteed the payment of all indebtedness, liabilities and obligations of every kind and nature of Borrower to the lender
whether absolute or contingent, direct or indirect, due or to become due, heretofore or hereafter created, arising or existing including
any additional advances or future advances, renewals or extensions without limitation as to amount. The Loan is evidenced by a promissory
note and secured by a first mortgage lien on property that is owned by Borrower and serves as the Company’s corporate headquarters
(the “Property”). Outstanding principal accrues interest at an annual rate of twelve percent (12%). Monthly payments
in the amount of $10,014.67 commence on December 12, 2021 and continue on the same day of each month thereafter until the earlier of:
(i) the closing date of the sale of the Property; or (ii) February 15, 2022, at which time the remaining principal balance, if any, is
due and payable.
After
the maturity date or due date of the promissory note, interest shall be charged on the respective principal amount remaining unpaid at
a rate equivalent to the highest lawful rate or twenty-five percent (25%) per annum, whichever is less, until paid.
If
any payment of principal or interest or both is more than five days late, Borrower agrees to pay lender a late charge equal to five percent
(5.0%) of the payment.
The
foregoing summary of the promissory note and the guaranty agreement are qualified in their entirety by reference to the full text of
the secured promissory note, corporate guaranty agreement and mortgage which are attached hereto as Exhibit 10.1(a), 10.1(b) and 10.1(c),
respectively, and incorporated herein by reference. You are urged to read said exhibits attached hereto in their entirety.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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.
Date:
November 29, 2021
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ASSISTED
4 LIVING, INC.
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By:
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/s/
Louis Collier
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Louis
Collier, CEO & President
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