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Non-Invasive Monitoring Systems, Inc. (OTC:NIMU), a micro-cap company with a market value of $0.71 million, amended the maturity dates of several promissory notes with related parties, according to a press release statement included in a filing with the Securities and Exchange Commission. InvestingPro analysis indicates the company faces significant financial challenges, with a WEAK overall Financial Health Score.
On Friday, the company entered into amendments for eight existing promissory notes with Frost Gamma Investments Trust, a trust controlled by director Dr. Phillip Frost, and with Dr. Jane Hsiao, the company’s Chairman and Interim CEO. Each note’s maturity date was extended from July 31, 2025, to December 31, 2025. No other terms of the notes were changed.
The affected notes are as follows:
- Second Amendment to the October 4, 2021, Frost Gamma Investments Trust note ($75,000 principal)
- Second Amendment to the October 4, 2021, Dr. Jane Hsiao note ($75,000 principal)
- Second Amendment to the September 16, 2022, Frost Gamma Investments Trust note ($75,000 principal)
- Second Amendment to the September 16, 2022, Dr. Jane Hsiao note ($75,000 principal)
- First Amendment to the August 15, 2023, Frost Gamma Investments Trust note ($200,000 principal)
- First Amendment to the September 25, 2024, Frost Gamma Investments Trust note ($25,000 principal)
- First Amendment to the October 23, 2024, Frost Gamma Investments Trust note ($30,000 principal)
- First Amendment to the January 23, 2025, Frost Gamma Investments Trust note ($40,000 principal)
Both Dr. Frost and Dr. Hsiao are directors and beneficial owners of more than 10% of the company’s common stock. The company stated that only the maturity dates were amended and all other provisions of the notes remain unchanged.
This information is based on a press release statement included in the company’s SEC filing.
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