cbdMD, Inc. Files 8-K for Material Definitive Agreement
Ticker: YCBD · Form: 8-K · Filed: Mar 18, 2024 · CIK: 1644903
| Field | Detail |
|---|---|
| Company | Cbdmd, Inc. (YCBD) |
| Form Type | 8-K |
| Filed Date | Mar 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $80,000, $40,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-statements, exhibits
TL;DR
cbdMD just signed a big deal, filing an 8-K. Could be good.
AI Summary
On March 14, 2024, cbdMD, Inc. entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits related to this agreement. The company was formerly known as Level Brands, Inc. and Level Beauty Group, Inc.
Why It Matters
This filing indicates a significant new agreement for cbdMD, Inc., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities, the specifics of which are not detailed in this summary.
Key Players & Entities
- cbdMD, Inc. (company) — Registrant
- Level Brands, Inc. (company) — Former Company Name
- Level Beauty Group, Inc. (company) — Former Company Name
- March 14, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement?
The filing does not specify the details of the Material Definitive Agreement, only that one was entered into on March 14, 2024.
What are the key financial implications of this agreement?
The filing mentions financial statements and exhibits are included, but does not detail specific financial figures related to the agreement.
When was cbdMD, Inc. previously known by other names?
The company was formerly known as Level Brands, Inc. (effective February 2, 2017) and Level Beauty Group, Inc. (effective June 11, 2015).
What is the company's state of incorporation and fiscal year end?
cbdMD, Inc. is incorporated in North Carolina and its fiscal year ends on September 30.
What is the filing date and accession number for this report?
This 8-K filing has an accession number of 0001437749-24-008153 and was filed as of March 18, 2024.
Filing Stats: 865 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2024-03-15 18:13:34
Key Financial Figures
- $80,000 — tion of the following payments to HSKL: $80,000 upon the execution of the Forbearance A
- $40,000 — t, followed by four monthly payments of $40,000. HSKL's forbearance shall extend to the
Filing Documents
- ycbd20240315_8k.htm (8-K) — 28KB
- ex_640353.htm (EX-10.1) — 34KB
- ex_640354.htm (EX-10.2) — 31KB
- ycbd20240315_8kimg001.jpg (GRAPHIC) — 3KB
- 0001437749-24-008153.txt ( ) — 260KB
- ycbd-20240314.xsd (EX-101.SCH) — 4KB
- ycbd-20240314_def.xml (EX-101.DEF) — 13KB
- ycbd-20240314_lab.xml (EX-101.LAB) — 17KB
- ycbd-20240314_pre.xml (EX-101.PRE) — 13KB
- ycbd20240315_8k_htm.xml (XML) — 5KB
01
Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed by cbdMD, Inc. (the "Company"), commencing August 2019 the Company's executive offices have been located at 8845 Red Oak Blvd, Charlotte, NC (the "Red Oak Facilities") which we sub-lease under a sublease agreement dated July11, 2019 which expires December 2026 (the "Red Oak Sublease") and we are currently behind in lease payments on the Red Oak Sublease, receiving a default notice from HSKL, Inc., in September 2023. Effective March 20, 2024 we entered into a License Agreement, dated as of March 14, 2024, by and between cbdMD, Inc. and HSKL, Inc. (the "License Agreement") and Lease Forbearance Agreement, dated as of March 14, 2024, by and between cbdMD, Inc. and HSKL, Inc. (the "Forbearance Agreement"). Under the License Agreement we have granted HSKL a license to possess and use a portion of the Red Oak Facilities until the earlier of (i) the termination of the Forbearance Agreement and (ii) July 31, 2024 (the "Termination Date"). The termination of the License Agreement will result in termination of the Red Oak Sublease. Pursuant to the Forbearance Agreement HSKL has agreed to forbear from proceeding to exercise its remedies against us under the Red Oak Sublease, and the declaration of default related to past due rent in consideration of the following payments to HSKL: $80,000 upon the execution of the Forbearance Agreement, followed by four monthly payments of $40,000. HSKL's forbearance shall extend to the Termination Date and HSKL shall dismiss (without prejudice) a Complaint in Summary Ejectment filed in Mecklenburg County, North Carolina on February 27, 2024. In the event of our breach of any of the conditions of the Forbearance Agreement, HSKL's obligation to forbear shall cease, and HSKL may immediately exercise any and all of its rights or remedies at law, in equity or under the Red Oak Sublease. Effective March 20, 2024 our executive offices are located at 2101 Westinghouse
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 10.1 License Agreement, effective as of March20, 2024, by and between cbdMD, Inc. and HSKL, Inc. 10.2 Lease Forbearance Agreement, dated as of March 14, 2024, by and between cbdMD, Inc. and HSKL, Inc. 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. cbdMD, Inc. Date: March 15, 2024 By: /s/ T. Ronan Kennedy T. Ronan Kennedy, Chief Financial Officer