United States
Securities
And Exchange Commission
Washington,
DC 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934
| Date of report (Date of earliest event reported): January 12, 2021 | ||
CHEE CORP. (Exact Name of Registrant as Specified in Charter) | ||
| Nevada | 333-216868 | 32-0509577 |
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS
Employer Identification No.) |
1206 E. Warner Road, Suite 101-l, Gilbert, AZ 85296
(Address of Principal Executive Offices) (Zip Code)
480-225-4052
(Registrant’s telephone number, including area code)
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:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company o
If an emerging growth 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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
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Explanatory Note
On January 12, 2021, Chee Corp., a Nevada corporation (the “Company”), advanced the amount of $100,000 (the “Advance”) to Klusman Family Holdings, LLC (“KFH”).
On January 15, 2021, the Company filed a Form 8-K (the “Original Filing”) disclosing that it had executed a promissory note dated January 12, 2021, in the amount of $100,000 (the “Original Note”) payable by the Company to KFH. This promissory note was intended to evidence repayment of the Advance and thus was to be payable by KFH to the Company. The Original Note was entered into in error and has been cancelled, and a new promissory note payable by KFH to the Company has been executed in its place. The Company is now amending the Original Filing to disclose the foregoing.
| Item 1.01 | Entry into a Material Definitive Agreement |
On January 12, 2021, the Company advanced the amount of $100,000 to KFH. Repayment of this amount was evidenced by a Promissory Note (the “Note”) executed by KFH and payable 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 amount advanced is to be used by KFH exclusively 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 description of the Note is only a summary of the material terms of the Note, does not purport to be a complete description of the Note, and is qualified in its entirety by reference to the Note, a copy of which is filed as Exhibit 10.1 and incorporated herein by reference.
| Item 1.02 | Termination of a Material Definitive Agreement |
The cancellation of the Original Note as disclosed in the Explanatory Note above is hereby incorporated by reference. There are no early termination penalties resulting from such cancellation. Aaron Klusman is the sole member of KFH. Mr. Klusman is also Chief Executive Officer and Chairman of the Board of the Company.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
10.1 Promissory Note payable by Klusman Family Holdings, LLC.
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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.
Dated: February 23, 2021
Chee Corp., a Nevada corporation
| By: | /s/ Michael Witherill |
| Michael Witherill | |
| CFO, Secretary, and Treasurer |
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Exhibit 10.1
PROMISSORY NOTE
| $100,000 | January 12, 2021 |
FOR VALUE RECEIVED, KLUSMAN FAMILY HOLDINGS, LLC, an Arizona limited liability company with an address of 2701 E. Camelback Road, Ste. 180, Phoenix, AZ 85016 (“Maker”), agrees and promises to pay to the order of CHEE CORP., a Nevada corporation with an address of 1206 E. Warner Rd, Suite 101-I, Gilbert, AZ 85296 (“Holder”), the sum of One Hundred Thousand Dollars ($100,000), with such amount payable to Holder at the address set forth above, or at such other place as Holder may designate.
This note replaces the previously executed note dated January 12, 2021, that was payable by Holder to Maker, which Maker acknowledges is cancelled and of no further force and effect.
1. Interest. This promissory note (this “Note”) bears simple interest at the rate of ten percent (10%) per annum. No interest payments are due until the Maturity Date.
2. Payments. The entire balance of this Note is due and payable on or before June 30, 2021 (the “Maturity Date”). Maker may prepay all or any portion of this Note at any time without penalty.
3. Security. This Note is unsecured.
4. Use of Proceeds. The amount advanced by Holder to Maker, the repayment of which is evidenced by this Note, shall be used by Maker exclusively toward the purchase of real property located at 325 N. Ash in Gilbert, Arizona.
5. Default. The existence or occurrence of any one or more of the following will constitute an “Event of Default” under this Note:
4.1 Non-Performance. Maker’s failure to comply timely and fully with any of the terms or provisions of this Note, including, without limitation, the failure to pay all amounts due within ten (10) days after the due date.
4.2 Bankruptcy; Insolvency. Maker being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or Maker committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against Maker of a voluntary or involuntary petition in bankruptcy or for the appointment of a receiver (and any involuntary petition is not dismissed within thirty (30) days from the filing thereof); or if there commences under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, proceedings affecting any significant part of Maker’s property or for the composition, extension, arrangement, or adjustment of any of their respective obligations; or if a writ of attachment, execution, or any similar process is issued or levied against any significant part of Maker’s property that is not released, stayed, bonded, or vacated within a reasonable time after its issue or levy.
6. Default Interest. Upon the occurrence of an Event of Default, Holder shall be entitled to receive and Maker shall pay interest on the entire unpaid principal balance at a rate (the “Default Rate”) equal to fifteen percent (15%) per annum. The Default Rate shall be computed from the occurrence of the Event of Default until payment in full. This clause, however, shall not be construed as an agreement or privilege to extend the Maturity Date, nor as a waiver of any other right or remedy accruing to Holder by reason of the occurrence of any Event of Default.
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7. Acceleration. In addition to all other rights and remedies at law and/or equity Holder may have if an Event of Default occurs, Holder, at its option without further notice to Maker, may declare immediately due and payable the unpaid principal balance of this Note together with all other sums owed by Maker under this Note.
8. Notices. All notices that Holder or Maker is required or permitted to give under this Note shall be delivered to the addresses of Maker and Holder as set forth in the opening paragraph.
9. Severability. If any term or provision of this Note is, to any extent, determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Note will not be affected, and the invalid or enforceable term or provision will be reduced or otherwise modified by the court or authority only to the minimum extent necessary to make it valid and enforceable. If any term or provision cannot be reduced or modified to make it reasonable and permit its enforcement, it will be severed from this Note and the remaining terms will be interpreted in a way as to give maximum validity and enforceability to this Note. It is the intention of Maker that, if any provision of this Note is capable of two constructions, one of which would render the provisions void and the other of which would render the provisions valid, then the provision will have the meaning that renders it valid.
10. Time of the Essence. Time is of the essence of this Note. Whenever notice must be given, payment made, document delivered, or an act done under this Note on a day that is not a Business Day, the notice may be given, payment made, document delivered, or act done on the next following day that is a Business Day. “Business Day” means a day other than a Saturday, Sunday, or a day observed as a legal holiday by the United States government or the State of Arizona.
11. Governing Law; Jurisdiction and Venue. This Note is to be governed by and interpreted in accordance with the laws of the State of Arizona. Any legal action or proceeding with respect to this Note or any document related hereto shall be brought in Maricopa County, Arizona in any court of competent jurisdiction, and, by execution and delivery of this Note, Maker and the Holder hereby accept the jurisdiction and venue of such courts.
12. Successors and Assigns. This Note shall be binding upon and inure to the benefit of Maker and Holder and their respective successors and permitted assigns. Maker may not voluntarily or involuntarily transfer, convey, or assign this Note, or any of its duties or obligations hereunder, without Holder’s prior written consent, which may be withheld for any reason, or for no reason at all. As used herein, the term “Holder” means and includes the successors and permitted assigns of the Holder.
13. Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Maker, which is absolute and unconditional, to pay the principal amount and accrued interest of this Note at the time, place, and rate, and in the currency, herein prescribed. This Note is a direct debt obligation of Maker.
14. Attorneys’ Fees and Costs. Each party shall bear its own expenses in connection with the issuance of this Note; provided, however, that if any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled to its reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled.
15. No Waiver by Holder. No delay or failure of Holder in exercising any right hereunder shall affect such right, nor shall any single or partial exercise of any right preclude further exercise thereof.
(Signature Page Follows)
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| MAKER | ||
| Klusman Family Holdings, LLC, | ||
| an Arizona limited liability company | ||
| By: | ||
| Name: | ||
| Its: | ||
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