Coretec Group Inc (CRTG)

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http://biz.yahoo.com/e/130805/tdcp8-k.html

Form 8-K for 3DICON CORP


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5-Aug-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet



Item 2.03 Creation of a Direct Financial Obligation
On July 30, 2013 (the "Amendment Date"), 3DIcon Corporation (the "Company") entered into a second amendment agreement (the "Amendment") with Victor Keen, a Director on the Board of Directors of the Company, to amend that certain Convertible Bridge Note (the "Note") in principal amount of $60,000 and due December 10, 2012, as amended by that certain Amendment to Securities Purchase Agreement dated as of January 23, 2013, extending the maturity date to April 30, 2013 (the "First Amendment"), and by letter agreement dated May 1, 2013, extending the maturity date to May 15, 2013 and that certain Securities Purchase Agreement dated as of September 10, 2012, as amended on January 23, 2013 (the "SPA").

Pursuant to the Amendment, Mr. Keen agreed to extend the maturity of the Note from May 15, 2013 to August 31, 2013 (the "New Maturity Date") and to waive, if any, existing or prior defaults under the Note or SPA and the Company agreed to
(i) amend the conversion provision to allow for conversions based on a conversion price calculated on the Amendment Date or the New Maturity Date; and
(ii) to include an interest rate equal to 10% per annum, payable on the New Maturity Date, as amended, which accrual shall commence on December 10, 2012.

The foregoing information is a summary of the Amendment, the First Amendment, the Note and the SPA, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached as an exhibit to this Current Report on Form 8-K and the Current Report on Form 8-K filed on September 10, 2012 and January 26, 2013. Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.





Item 9.01 . Financial Statements and Exhibits