UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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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:
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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 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. ☐
Item 1.01 Entry into a Material Definitive Agreement
Effective as of April 1, 2023, Hausmann Enterprises, LLC, a wholly-owned subsidiary of Dynatronics Corporation (the "Company"), as tenant, entered into a Second Amendment to Lease Agreement with Hausmann Industries, Inc., as landlord, pursuant to which (i) the term of the parties' existing lease agreement for the leased premises located at 130 Union Street in Northvale, New Jersey was extended for an additional five (5) years, commencing April 1, 2023, and (ii) the annual base rent payable under the lease agreement was adjusted to "Fair Market Rent" in the amount of $720,000, subject to annual increases thereafter of two percent (2%) per year during the extension term (the "Lease Amendment").
This summary description is qualified in its entirety by reference to the Second Amendment to Lease Agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | |
| 10.1 | Second Amendment to Lease Agreement dated effective as of April 1, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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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Date: April 5, 2023 |
DYNATRONICS CORPORATION |
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| By: | /s/John Krier |
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| Name: | John Krier | ||
| Title: | President and Chief Executive Officer |
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