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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   333-226979   82-1884480
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification No.)

 

5115 East SR 64 Bradenton, Florida   34208
(Address of Principal Executive Office)   (Zip Code)

 

(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:

 

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: 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.

 

Exhibit Number  

 

Description

10.1(a)

 

  Secured Promissory Note dated November 12, 2021 in the principal amount of $1,001,467 made by Assisted 4 Living Consulting, Inc.
     

10.1(b)

  Corporate Guaranty of Assisted 4 Living, Inc. dated November 12, 2021.
     
10.1(c)   Mortgage made November 12, 2021 by Assisted 4 Living Consulting, Inc.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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 ASSISTED 4 LIVING, INC.
   
  By: /s/ Louis Collier
    Louis Collier, CEO & President

 

 

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