UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On February 2, 2018, Renovare Environmental, Inc. (the “Company”) and several of the Company’s wholly-owned subsidiaries entered into and consummated a Note Purchase and Security Agreement (the “Purchase Agreement”) with Michaelson Capital Special Finance Fund II, L.P. (“MCSFF”) to issue a senior secured term promissory note in the principal amount of Five Million Dollars ($5,000,000) (the “Note”). As previously disclosed, on February 17, 2022 the Company and MCSFF entered into a forbearance agreement that provided that the quarterly repayment due on February 15, 2022 of $625,000 be deferred until March 8, 2022 and subsequently on March 15, 2022 and April 8, 2022 amended the forbearance agreement extending the payment date to April 15, 2022. The Company did not make the payment to MCSFF on April 15, 2022 and on April 18, 2022, the Company received a notice of default from MCSFF that if all payments of previously principal and interest, with any other unpaid amounts, were not paid on April 28, 2022 all amounts under the Note, including principal, interest, fees and expenses, would be due and payable. On April 28, 2022, the Company failed to make the payment and, accordingly, an event of payment default has occurred. The MCSFF debt, which totals $3,281,250, has been presented in the Registrant’s most recent Annual Report on Form 10-K as a current liability.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 4, 2022 | RENOVARE ENVIRNMENTAL, INC. | ||
| By: | /s/ Brian C. Essman | ||
| Name: | Brian C. Essman | ||
| Title: | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | ||