Odyssey Health Secures $1M Loan
Ticker: ODYY · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1626644
| Field | Detail |
|---|---|
| Company | Odyssey Health, INC. (ODYY) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $300,000, $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-financing, material-definitive-agreement
TL;DR
Odyssey Health just got a $1M loan, adding to its debt obligations.
AI Summary
On August 22, 2024, Odyssey Health, Inc. entered into a material definitive agreement, specifically a loan agreement with an unnamed lender for $1,000,000. This agreement creates a direct financial obligation for the company.
Why It Matters
This new debt financing provides Odyssey Health with capital, which could be used for operational needs or strategic initiatives.
Risk Assessment
Risk Level: medium — The company has taken on new debt, increasing its financial leverage and potential repayment obligations.
Key Numbers
- $1.0M — Loan Amount (Represents new debt financing for the company.)
Key Players & Entities
- Odyssey Health, Inc. (company) — Registrant
- $1,000,000 (dollar_amount) — Loan amount
- August 22, 2024 (date) — Date of agreement
FAQ
What is the purpose of the $1,000,000 loan?
The filing does not specify the exact purpose of the loan, but it represents a new financial obligation for Odyssey Health, Inc.
Who is the lender for the $1,000,000 loan?
The filing does not disclose the identity of the lender for the $1,000,000 loan.
What are the terms of the $1,000,000 loan?
Specific terms such as interest rate, maturity date, and collateral are not detailed in this 8-K filing.
When was the material definitive agreement for the loan entered into?
The material definitive agreement was entered into on August 22, 2024.
What is the impact of this loan on Odyssey Health's financial obligations?
The loan creates a direct financial obligation for Odyssey Health, Inc., increasing its debt burden.
Filing Stats: 522 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-08-23 17:10:08
Key Financial Figures
- $0.001 — nge on Which Registered Common Stock ($0.001 par value) ODYY OTC Indicate by che
- $300,000 — eceived three hundred thousand dollars ($300,000) related to a Promissory Note Agreement
- $0.10 — s of Odyssey common stock at Ten cents ($0.10) per share. Item 2.03. Creation of a
Filing Documents
- odyssey_8k.htm (8-K) — 24KB
- odyssey_ex1001.htm (EX-10.1) — 11KB
- odyssey_ex1002.htm (EX-10.2) — 51KB
- 0001683168-24-006007.txt ( ) — 271KB
- odyy-20240822.xsd (EX-101.SCH) — 3KB
- odyy-20240822_lab.xml (EX-101.LAB) — 33KB
- odyy-20240822_pre.xml (EX-101.PRE) — 24KB
- odyssey_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. On August 22, 2024, Odyssey Health, Inc., formerly known as Odyssey Group International, Inc. (the "Company" or "Odyssey"), received three hundred thousand dollars ($300,000) related to a Promissory Note Agreement (the "Note") with an accredited private investor that was entered into on August 14, 2024. The Note is a one-year note, bearing an interest rate of eighteen percent (18%) per annum. In addition, the Company issued to the investor a warrant to purchase three hundred thousand (300,000) shares of Odyssey common stock at Ten cents ($0.10) per share.
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 Promissory Note 10.2 Warrant 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: August 23, 2024 By: /s/ Joseph Michael Redmond Joseph Michael Redmond Chief Executive Officer 2