vaso_8k
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report: April 13,
2020
(Date
of earliest event reported)
VASO CORPORATION
(Exact
name of registrant as specified in charter)
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Delaware
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0-18105
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11-2871434
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(State
or other jurisdiction
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(Commission
File
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(IRS
Employer
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of
incorporation)
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Number)
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Identification
No.)
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137
Commercial Street, Suite 200, Plainview, New York
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11803
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (516)
997-4600
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(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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☐
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Pre-commencement
to communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Securities
registered or to be registered pursuant to Section 12(b) of the
Act:
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an
emerging company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accountant standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
(a) On April 13, 2020,
Registrant received funding of a $3,610,900 Note (the
“Note”) issued by PNC Bank, National Association
(“PNC”) pursuant to the Coronavirus Aid, Relief, and
Economic Security (CARES) Act’s Paycheck Protection Program
(the “Program”). Amounts outstanding on the Note are at
the annual interest rate of 1%. During the first six months of the
Note, there is no principal nor interest required to be paid.
Thereafter, to the extent the Note is not forgiven under the
Program, the outstanding balance of the Note converts to an
amortizing term loan payable monthly over an eighteen month period.
The Note can be prepaid at any time without penalty.
Registrant may
apply to PNC for forgiveness of the Note in an amount equal to the
sum of the following costs incurred by Registrant during the eight
week period beginning on the date of first disbursement of the Note
proceeds: (a) payroll costs; (b) any payment of interest on a
covered mortgage obligation; (c) any covered rent payment; and (d)
any covered utility payment. The amount of forgiveness is
calculated in accordance with the requirements of the Program. In
this regard, no more than 25% of the amount forgiven can be
attributable to non-payroll costs.
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.
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VASO CORPORATION
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Date:
April 16, 2020
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By:
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/s/ Jun Ma
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Jun Ma
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Chief
Executive Officer and President
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