Item 1.01 Entry into a Material Definitive Agreement
On March 23, 2021, Chee Corp., a Nevada corporation (the "Company"), advanced
the amount of $500,000 to Klusman Family Holdings, LLC ("KFH"). The obligation
to repay the advance was evidenced by a Promissory Note payable by KFH to the
Company. The note matures on June 30, 2021, is unsecured, bears interest at a
rate of 10% per annum, and the unpaid principal and interest may be accelerated
upon an event of default as defined thereunder. The proceeds of the advance are
to be used by KFH toward the purchase of real property located in Gilbert,
Arizona. Aaron Klusman is the sole member of KFH. Mr. Klusman is also Chief
Executive Officer and Chairman of the Board of the Company.
The information set forth in Item 2.03 is incorporated by reference into this
The descriptions of the promissory notes are only summaries of the material
terms of the notes, do not purport to be complete descriptions of the notes, and
are qualified in their entirety by reference to the notes, copies of which are
filed as Exhibits 10.1 and 10.2 and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On March 25, 2021, the Company executed a Promissory Note payable to Farm House
Partners, LLC ("Farm House"), as lender, pursuant to which the Company borrowed
$90,000. The note matures on September 30, 2021, is unsecured, bears interest at
a rate of 10% per annum, and the unpaid principal may be accelerated upon an
event of default as defined thereunder. Farm House is the holder of a majority
of common stock of the Company and Michael Witherill, the Company's Vice-Chair,
is the manager of Farm House.
Item 9.01 Financial Statements and Exhibits.
10.1 Promissory Note payable by Klusman Family Holdings, LLC to Chee
10.2 Promissory Note payable by Chee Corp. to Farm House Partners, LLC
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