Odyssey Health Reports New Material Agreement & Financial Obligation
Ticker: ODYY · Form: 8-K · Filed: Jan 5, 2024 · CIK: 1626644
| Field | Detail |
|---|---|
| Company | Odyssey Health, INC. (ODYY) |
| Form Type | 8-K |
| Filed Date | Jan 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $60,000 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: material-agreement, debt, financial-obligation
TL;DR
**Odyssey Health just took on a new major financial obligation or agreement.**
AI Summary
Odyssey Health, Inc. filed an 8-K on January 5, 2024, reporting a material definitive agreement and the creation of a direct financial obligation, with the earliest event reported on December 30, 2023. This indicates the company has entered into a significant new contract or loan, which could impact its financial health and future operations. For investors, this matters because new obligations or agreements can significantly alter the company's risk profile and potential for growth, affecting stock valuation.
Why It Matters
This filing signals a new significant financial commitment or agreement for Odyssey Health, Inc., which could either fuel growth or introduce new risks, directly impacting the company's financial stability and future stock performance.
Risk Assessment
Risk Level: medium — The filing indicates a new financial obligation without specifying its nature or size, creating uncertainty about its potential positive or negative impact.
Analyst Insight
Investors should monitor for subsequent filings or press releases from Odyssey Health, Inc. to understand the specific details and financial implications of the new agreement and obligation before making investment decisions.
Key Players & Entities
- Odyssey Health, Inc. (company) — the registrant filing the 8-K
- December 30, 2023 (date) — date of the earliest event reported
- January 5, 2024 (date) — date the 8-K was filed
Forward-Looking Statements
- Odyssey Health will provide more details about the material definitive agreement and financial obligation in a subsequent filing or press release. (Odyssey Health, Inc.) — high confidence, target: 2024-03-31
FAQ
What specific type of material definitive agreement did Odyssey Health, Inc. enter into?
The filing indicates 'Entry into a Material Definitive Agreement' but does not specify the nature or terms of this agreement, such as whether it's a merger, acquisition, significant contract, or partnership.
What is the nature of the direct financial obligation created by Odyssey Health, Inc.?
The 8-K states 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant' but does not provide details on the amount, terms, or purpose of this obligation.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 30, 2023.
What is Odyssey Health, Inc.'s business address?
Odyssey Health, Inc.'s business address is 2300 West Sahara Avenue, Suite 800-#4012, Las Vegas, NV 89102.
What is the Commission File Number for Odyssey Health, Inc.?
The Commission File Number for Odyssey Health, Inc. is 000-56196.
Filing Stats: 685 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-01-05 16:10:17
Key Financial Figures
- $0.001 — nge on Which Registered Common Stock ($0.001 par value) ODYY OTC Indicate by che
- $60,000 — 2024. As consideration, sixty thousand ($60,000) shall be added to the principal amount
Filing Documents
- odyssey_8k.htm (8-K) — 25KB
- odyssey_ex1001.htm (EX-10.1) — 15KB
- 0001683168-24-000097.txt ( ) — 211KB
- odyy-20231230.xsd (EX-101.SCH) — 3KB
- odyy-20231230_lab.xml (EX-101.LAB) — 33KB
- odyy-20231230_pre.xml (EX-101.PRE) — 22KB
- odyssey_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. On December 30, 2023, the Company entered into Amendment No. 7 to the Convertible Promissory Note (the "Amendment") to the Securities Purchase Agreement dated April 5, 2021, with LGH Investments, LLC ("LGH"). Pursuant to the Amendment, the parties have agreed to extend the maturity date of the note to June 30, 2024. As consideration, sixty thousand ($60,000) shall be added to the principal amount outstanding. Section (3)(d)(ii) was redefined to allow the Company to prepay the Note at any time by providing LGH notice of its intent to prepay the outstanding amounts due under the Note. Once the Company provides Notice to Holder of its intent to prepay, then LGH shall have the sole option to convert any amounts due under the Note for 30 (thirty) days prior to the Company making payment. If the LGH does not elect to make a conversion within the thirty days, the Company shall tender the full amount in the Prepayment Notice by paying one hundred ten percent (110%) of the total outstanding balance including all principal, defaults and interest to LGH within five (5) calendar days. If the LGH has previously provided a notice of conversion to the Company, the Company may not prepay any of the amounts included in the notice of conversion. All other terms and conditions remain the same. The Form of Amendment No. 7 to the Convertible Promissory Note are attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
03
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits. Number Exhibit 10.1 Amendment No. 7 to Convertible Promissory Note 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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. Odyssey Health, Inc. Date: January 5, 2024 By: /s/ Joseph Michael Redmond Joseph Michael Redmond Chief Executive Officer 2