Item 1.01 Entry into a Material Agreement.
On April 29, 2022, Altitude International Holdings, Inc. (the "Company") and its
wholly owned subsidiary, Trident Water, LLC, entered into a Second Amendment to
Loan Agreement (the "Agreement") with FVP Servicing, LLC, a Delaware limited
liability company ("FVP"). The Agreement amends that certain Loan Agreement
dated as of December 20, 2021, as amended on February 8, 2022 between the
Company and FVP.
Under the terms of the Agreement, the Company received an increase to the amount
of the loan from FVP in an incremental advance in the amount of $2,650,000 in
the form of a promissory note (the "Note") secured by the assets of the Company
and its wholly owned subsidiaries and guaranteed by the Company and its
subsidiaries. The Agreement combines all amounts previously advanced under the
FVP loan agreements and amends the principal amount of the Note to $3,250,000.
The Note bears interest at eight percent (8%) per annum and the maturity date of
the note is April 22, 2023. The Company will pay FVP interest-only payments
monthly for the duration of the term.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 Second Amendment to Loan Agreement with FVP Servicing, LLC and
Amended and Restated Note
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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