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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

September 29, 2023

(Date of earliest event reported)

 

U.S. Lighting Group, Inc.

(Exact name of registrant as specified in its charter)

 

Florida   000-55689   46-3556776
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

1148 E 222nd Steet, Euclid, Ohio 44117
(Address of principal executive offices) (Zip Code)

 

216-896-7000

(Registrant’s telephone number, including area code)

 

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:

 

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
None   N/A   N/A

 

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. ☐

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

Although US Lighting Group, Inc. (“USLG” or “we”) is generating revenues and achieved a profit for the first quarter of 2023, we continue to experience capital shortages while expanding Cortes Campers production. To help address these capital needs, Anthony R. Corpora, our chief executive officer, and Michael A. Coates, corporate controller, generously volunteered to take out personal loans and make those funds available to USLG.

 

On August 17, 2023, Mr. Corpora obtained a personal loan in the original principal amount of $89,000 from SoFi Bank, N.A. and provided these funds to USLG to support USLG’s operations. On August 17, 2023, Mr. Corpora executed a loan agreement with SoFi Bank evidencing the loan in the original principal amount of $89,000, bearing annual interest of 18.36%, and with 48 monthly payments of $2,631.53 commencing on September 17, 2023 with the final payment on August 17, 2027 (the “Corpora SoFi loan”).

 

On August 29, 2023, Mr. Coates obtained a personal loan in the original principal amount of $75,000 less a loan origination fee of $4,500 from SoFi Bank, N.A. and provided these funds to USLG to support USLG’s operations. On August 29, 2023, Mr. Coates executed a loan agreement with SoFi Bank evidencing the loan in the original principal amount of $75,000, bearing annual interest of 13.35%, and with 60 monthly payments of $1,724.11 commencing on October 5, 2023 with the final payment on September 5, 2028 (the “Coates SoFi loan”).

 

On September 1, 2023, Mr. Coates obtained a personal loan in the original principal amount of $77,250 from Pinnacle Bank, N.A. and provided these funds to USLG to support USLG’s operations. On September 1, 2023, Mr. Coates executed an unsecured promissory note payable to Pinnacle Bank evidencing the loan in the original principal amount of $77,250, bearing annual interest of 19.49%, and with 84 monthly payments of $1,691.79 commencing on October 1, 2023 with the final payment on September 1, 2030 (the “Coates Pinnacle loan”).

 

On September 29, 2023, we entered into unsecured “pass-through” promissory notes with Messer. Corpora and Coates that provide for repayment to them on the same terms as the Corpora SoFi loan and the Coates SoFi and Pinacle loans, without markup or profit (the “officer notes”).

 

The officer notes are filed as exhibits to this Current Report on Form 8-K. The description above is qualified in its entirety by reference to the full text of the notes.

 

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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The disclosure included under Item 1.01 above regarding the officer notes with Messer. Corpora and Coates is incorporated by reference to this Item 2.03.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit 10.1   Unsecured Promissory Note issued by US Lighting Group, Inc. to Anthony R. Corpora on September 29, 2023 in the original principal amount of $89,000
     
Exhibit 10.2   Unsecured Promissory Note issued by US Lighting Group, Inc. to Michael A. Coates on September 29, 2023 in the original principal amount of $75,000
     
Exhibit 10.3   Unsecured Promissory Note issued by US Lighting Group, Inc. to Michael A. Coates on September 29, 2023 in the original principal amount of $77,250
     
Exhibit 104   Cover Page Interactive Data File (formatted as Inline XBRL)

 

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SIGNATURE

 

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 thereunto duly authorized.

 

  US Lighting Group, Inc.
   
Dated September 29, 2023 /s/ Anthony R. Corpora
  By Anthony R. Corpora
  Chief Executive Officer

 

 

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Exhibit 10.1

 

Unsecured Promissory Note

 

Euclid, Ohio

September 29, 2023

 

For Value Received, US Lighting Group, Inc., a Florida corporation (“USLG”), promises to pay to Anthony R. Corpora (the “Corpora”), a resident of the State of Ohio, in lawful money of the United States of America, the principal sum of $89,000 with interest as provided for in this unsecured promissory note (this “Note”).

 

Background. On August 17, 2023, Corpora obtained a personal loan in the original principal amount of $89,000 from SoFi Bank, N.A. and provided these funds to USLG to support USLG’s operations. On August 17, 2023, Corpora executed a loan agreement with SoFi Bank evidencing the SoFi Bank loan in the original principal amount of $89,000, bearing annual interest of 18.36%, and with 48 monthly payments of $2,631.53 commencing on September 17, 2023 with the final payment on August 17, 2027 (the “SoFi loan”). The SoFi loan may be prepaid at any time without penalty.

 

Capitalized Terms. Capitalized terms not otherwise defined in this Note shall have the same meaning provided in the SoFi loan.

 

Limits of Liability. Corpora is the chief executive officer of USLG, and Corpora funded this Note with borrowings under the SoFi loan. However, USLG has no obligations under the SoFi loan and has not guaranteed Corpora’s obligations under the SoFi loan. As a result, USLG is only obligated to make the payments to Corpora required by this Note. So long as USLG is not in Default (as defined below) under this Note, Corpora shall make all payments required on the SoFi loan.

 

Interest. All amounts outstanding under this Note shall bear interest at the rate of interest paid by Corpora under the SoFi loan, without any additions, profit, or mark up by Corpora. Interest shall accrue as described in the SoFi loan.

 

Monthly Payments. Unless USLG is in Default (as defined below) or as otherwise specifically provided for in this Note, USLG will make 48 monthly payments of $2,631.53 commencing on September 17, 2023 with the final payment on August 17, 2027 as described in the SoFi loan.

 

Prepayment. USLG may prepay this Note at any time without penalty so long as the SoFi loan may be prepaid without penalty.

 

Fees. USLG shall pay Corpora for any fees incurred by Corpora to obtain the SoFi loan.

 

Default. USLG shall be in default under this Note if it fails to meet any of its obligations contained in this Note and after written notice by Corpora to USLG of the failure, USLG does not cure that failure within three business days of the written notice (“Default”). In Corpora’s sole discretion, Corpora can waive a Default, and such waiver shall not be construed as a waiver of any other provision of this Note or as a future waiver of any prior or subsequent failure or Default of USLG. USLG shall have an ongoing obligation under this Note to immediately notify Corpora in writing of any failure of USLG to meet any obligation herein and to immediately take steps to correct such failure. In the event of Default, all amounts outstanding under this Note are due and payable immediately upon written demand by Corpora. If USLG’s Default causes a default under the SoFi loan, then USLG shall pay to Corpora all amounts incurred by Corpora as a result of the SoFi loan default.

 

 

 

 

Bankruptcy. Notwithstanding anything herein to the contrary, upon the commencement of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, receivership or liquidation or similar proceeding of any jurisdiction relating to USLG, all amounts owed by USLG to Corpora in connection with this Note shall become immediately due and payable without presentment, demand, protest or notice of any kind.

 

No Setoff. All payments under this Note shall be made without setoff, counterclaim or deduction of any kind. Any amount owing by USLG to Corpora shall not be reduced in any way by any outstanding obligations of Corpora to USLG, whether such obligations are monetary or otherwise.

 

Bank Account. Payments of principal of and interest with respect to this Note are to be made to Corpora or to such account as Corpora shall designate from time-to-time.

 

Waiver and Amendment. USLG hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. No delay on the part of Corpora in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective against Corpora or USLG unless the same shall be in writing and signed and delivered by such party.

 

Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Ohio without giving effect to any provision that would require the application of any other jurisdiction’s laws.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2 

 

 

Signature page to Unsecured Promissory Note

 

US Lighting Group, Inc.

 

     
/s/ Donald O. Retreage, Jr.   /s/ Anthony R. Corpora
By Donald O. Retreage, Jr., CFO               Anthony R. Corpora, individually

 

 

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Exhibit 10.2

 

Unsecured Promissory Note

 

Euclid, Ohio

September 29, 2023

 

For Value Received, US Lighting Group, Inc., a Florida corporation (“USLG”), promises to pay to Michael A. Coates (the “Coates”), a resident of the State of Ohio, in lawful money of the United States of America, the principal sum of $75,000 with interest as provided for in this unsecured promissory note (this “Note”).

 

Background. On August 29, 2023, Coates obtained a personal loan in the original principal amount of $75,000 less a loan origination fee of $4,500 from SoFi Bank, N.A. and provided these funds to USLG to support USLG’s operations. On August 29, 2023, Coates executed a loan agreement with SoFi Bank evidencing the SoFi Bank loan in the original principal amount of $75,000, bearing annual interest of 13.35%, and with 60 monthly payments of $1,724.11 commencing on October 5, 2023 with the final payment on September 5, 2028 (the “SoFi loan”). The SoFi loan may be prepaid at any time without penalty.

 

Capitalized Terms. Capitalized terms not otherwise defined in this Note shall have the same meaning provided in the SoFi loan.

 

Limits of Liability. Coates is the controller of USLG, and Coates funded this Note with borrowings under the SoFi loan. However, USLG has no obligations under the SoFi loan and has not guaranteed Coates’s obligations under the SoFi loan. As a result, USLG is only obligated to make the payments to Coates required by this Note. So long as USLG is not in Default (as defined below) under this Note, Coates shall make all payments required on the SoFi loan.

 

Interest. All amounts outstanding under this Note shall bear interest at the rate of interest paid by Coates under the SoFi loan, without any additions, profit, or mark up by Coates. Interest shall accrue as described in the SoFi loan.

 

Monthly Payments. Unless USLG is in Default (as defined below) or as otherwise specifically provided for in this Note, USLG will make 60 monthly payments of $1,724.11 commencing on October 5, 2023 with the final payment on September 5, 2028 as described in the SoFi loan.

 

Prepayment. USLG may prepay this Note at any time without penalty so long as the SoFi loan may be prepaid without penalty.

 

Fees. USLG shall pay Coates for any fees incurred by Coates to obtain the SoFi loan.

 

Default. USLG shall be in default under this Note if it fails to meet any of its obligations contained in this Note and after written notice by Coates to USLG of the failure, USLG does not cure that failure within three business days of the written notice (“Default”). In Coates’s sole discretion, Coates can waive a Default, and such waiver shall not be construed as a waiver of any other provision of this Note or as a future waiver of any prior or subsequent failure or Default of USLG. USLG shall have an ongoing obligation under this Note to immediately notify Coates in writing of any failure of USLG to meet any obligation herein and to immediately take steps to correct such failure. In the event of Default, all amounts outstanding under this Note are due and payable immediately upon written demand by Coates. If USLG’s Default causes a default under the SoFi loan, then USLG shall pay to Coates all amounts incurred by Coates as a result of the SoFi loan default.

 

 

 

 

Bankruptcy. Notwithstanding anything herein to the contrary, upon the commencement of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, receivership or liquidation or similar proceeding of any jurisdiction relating to USLG, all amounts owed by USLG to Coates in connection with this Note shall become immediately due and payable without presentment, demand, protest or notice of any kind.

 

No Setoff. All payments under this Note shall be made without setoff, counterclaim or deduction of any kind. Any amount owing by USLG to Coates shall not be reduced in any way by any outstanding obligations of Coates to USLG, whether such obligations are monetary or otherwise.

 

Bank Account. Payments of principal of and interest with respect to this Note are to be made to Coates or to such account as Coates shall designate from time-to-time.

 

Waiver and Amendment. USLG hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. No delay on the part of Coates in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective against Coates or USLG unless the same shall be in writing and signed and delivered by such party.

 

Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Ohio without giving effect to any provision that would require the application of any other jurisdiction’s laws.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2

 

 

Signature page to Unsecured Promissory Note

 

US Lighting Group, Inc.    
     

/s/ Donald O. Retreage, Jr.

 

/s/ Michael A. Coates

By Donald O. Retreage, Jr., CFO   Michael A. Coates, individually

 

 

3

 

 

Exhibit 10.3

 

Unsecured Promissory Note

 

Euclid, Ohio

September 29, 2023

 

For Value Received, US Lighting Group, Inc., a Florida corporation (“USLG”), promises to pay to Michael A. Coates (the “Coates”), a resident of the State of Ohio, in lawful money of the United States of America, the principal sum of $77,250 with interest as provided for in this unsecured promissory note (this “Note”).

 

Background. On September 1, 2023, Coates obtained a personal loan in the original principal amount of $77,250 from Pinnacle Bank, N.A. and provided these funds to USLG to support USLG’s operations. On September 1, 2023, Coates executed an unsecured promissory note payable to Pinnacle Bank evidencing the Pinnacle Bank loan in the original principal amount of $77,250, bearing annual interest of 19.49%, and with 84 monthly payments of $1,691.79 commencing on October 1, 2023 with the final payment on September 1, 2030 (the “Pinnacle loan”). The Pinnacle loan may be prepaid at any time without penalty.

 

Capitalized Terms. Capitalized terms not otherwise defined in this Note shall have the same meaning provided in the Pinnacle loan.

 

Limits of Liability. Coates is the controller of USLG, and Coates funded this Note with borrowings under the Pinnacle loan. However, USLG has no obligations under the Pinnacle loan and has not guaranteed Coates’s obligations under the Pinnacle loan. As a result, USLG is only obligated to make the payments to Coates required by this Note. So long as USLG is not in Default (as defined below) under this Note, Coates shall make all payments required on the Pinnacle loan.

 

Interest. All amounts outstanding under this Note shall bear interest at the rate of interest paid by Coates under the Pinnacle loan, without any additions, profit, or mark up by Coates. Interest shall accrue as described in the Pinnacle loan.

 

Monthly Payments. Unless USLG is in Default (as defined below) or as otherwise specifically provided for in this Note, USLG will make 84 monthly payments of $1,691.79 commencing on October 1, 2023 with the final payment on September 1, 2030 as described in the Pinnacle loan.

 

Prepayment. USLG may prepay this Note at any time without penalty so long as the Pinnacle loan may be prepaid without penalty.

 

Fees. USLG shall pay Coates for any fees incurred by Coates to obtain the Pinnacle loan.

 

Default. USLG shall be in default under this Note if it fails to meet any of its obligations contained in this Note and after written notice by Coates to USLG of the failure, USLG does not cure that failure within three business days of the written notice (“Default”). In Coates’s sole discretion, Coates can waive a Default, and such waiver shall not be construed as a waiver of any other provision of this Note or as a future waiver of any prior or subsequent failure or Default of USLG. USLG shall have an ongoing obligation under this Note to immediately notify Coates in writing of any failure of USLG to meet any obligation herein and to immediately take steps to correct such failure. In the event of Default, all amounts outstanding under this Note are due and payable immediately upon written demand by Coates. If USLG’s Default causes a default under the Pinnacle loan, then USLG shall pay to Coates all amounts incurred by Coates as a result of the Pinnacle loan default.

 

 

 

Bankruptcy. Notwithstanding anything herein to the contrary, upon the commencement of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, receivership or liquidation or similar proceeding of any jurisdiction relating to USLG, all amounts owed by USLG to Coates in connection with this Note shall become immediately due and payable without presentment, demand, protest or notice of any kind.

 

No Setoff. All payments under this Note shall be made without setoff, counterclaim or deduction of any kind. Any amount owing by USLG to Coates shall not be reduced in any way by any outstanding obligations of Coates to USLG, whether such obligations are monetary or otherwise.

 

Bank Account. Payments of principal of and interest with respect to this Note are to be made to Coates or to such account as Coates shall designate from time-to-time.

 

Waiver and Amendment. USLG hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. No delay on the part of Coates in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective against Coates or USLG unless the same shall be in writing and signed and delivered by such party.

 

Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Ohio without giving effect to any provision that would require the application of any other jurisdiction’s laws.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2

 

 

Signature page to Unsecured Promissory Note

 

US Lighting Group, Inc.    
     

/s/ Donald O. Retreage, Jr.

 

/s/ Michael A. Coates

By Donald O. Retreage, Jr., CFO   Michael A. Coates, individually

 

 

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Cover
Sep. 29, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Sep. 29, 2023
Entity File Number 000-55689
Entity Registrant Name U.S. Lighting Group, Inc.
Entity Central Index Key 0001536394
Entity Tax Identification Number 46-3556776
Entity Incorporation, State or Country Code FL
Entity Address, Address Line One 1148 E 222nd Steet
Entity Address, City or Town Euclid
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44117
City Area Code 216
Local Phone Number 896-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false

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