Catheter Precision Enters Loan Agreement

TL;DR

CPCI just signed a loan deal, more debt incoming.

AI Summary

On May 28, 2024, Catheter Precision, Inc. entered into a material definitive agreement, specifically a loan agreement with an undisclosed lender. This agreement creates a direct financial obligation for the company. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates Catheter Precision, Inc. has secured new financing, which could impact its operational capacity and financial structure.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation introduces leverage and potential repayment risks for the company.

Key Players & Entities

• Catheter Precision, Inc. (company) — Registrant
• May 28, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 001-38677 (file_number) — SEC File Number
• 38-3661826 (tax_id) — IRS Employer Identification No.
• Ra Medical Systems, Inc. (company) — Former company name
• 20170908 (date) — Date of former company name change

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share VTAK NYSE American Indic
• $1 million — keT device, until a cumulative total of $1 million in royalties has been paid to Mr. Locke
• $10 million — tal royalties paid to Mr. Locke reaches $10 million. However, no further royalty payments w
• $500,000 — air and Chief Executive Officer, loaned $500,000 to the Company in exchange for the Note

Filing Documents

• rmed_8k.htm (8-K) — 28KB
• rmed_ex101.htm (EX-10.1) — 25KB
• rmed_ex102.htm (EX-10.2) — 32KB
• 0001654954-24-007260.txt ( ) — 223KB
• rmed-20240528.xsd (EX-101.SCH) — 6KB
• rmed-20240528_lab.xml (EX-101.LAB) — 14KB
• rmed-20240528_cal.xml (EX-101.CAL) — 1KB
• rmed-20240528_pre.xml (EX-101.PRE) — 9KB
• rmed-20240528_def.xml (EX-101.DEF) — 2KB
• rmed_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Invention Assignment and Royalty Agreement (the "Royalty Agreement") On May 28, 2024, Catheter Precision, Inc. (the "Company") entered into the Royalty Agreement with Auston Locke, which further memorializes the terms of our agreement with Mr. Locke with respect to the Company's LockeT device, of which Mr. Locke is a co-inventor, and extends the term of that agreement as indicated below. Other than the extension of the term, the material terms of our agreement with Mr. Locke remain unchanged, to wit: we have agreed to pay Mr. Locke a royalty fee of 5% on net sales (as defined in the agreement) of our LockeT device, until a cumulative total of $1 million in royalties has been paid to Mr. Locke. Thereafter, if a patent for the LockeT device is obtained from the U.S. Patent and Trademark Office, we will pay a royalty fee of 2% of net sales, until total royalties paid to Mr. Locke reaches $10 million. However, no further royalty payments will be due after December 31, 2033, or after the expiration, cancelation or abandonment of the patents that are the subject of the agreement, whichever is earlier. A copy of the Royalty Agreement is filed as Exhibit 10.1 to this Form 8-K and incorporated herein by reference. The disclosure below regarding the 8% Short Term Promissory Note due August 30, 2024, is incorporated by reference into this Item 1.01. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. 8% Short Term Promissory Note due August 30, 2024 (the "Note") On May 30, 2024, David A. Jenkins, Executive Chair and Chief Executive Officer, loaned $500,000 to the Company in exchange for the Note. The Note has a maturity date of August 30, 2024, and bears interest at the rate of 8% per annum. The Note and the debt evidenced thereby, including all principal and interest, accelerate and become immediately due and payable upon the occurrence o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Invention Assignment and Royalty Agreement dated May 28, 2024 10.2 8% Short Term Promissory Note Due August 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) 2

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. CATHETER PRECISION, INC. Date: June 3, 2024 By: /s/ Margrit Thomassen Margrit Thomassen Interim Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR