Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On October 4, 2021, Non-Invasive Monitoring Systems, Inc. ("NIMS") entered into
a Promissory Note in the principal amount of $75,000.00 with Frost Gamma
Investments Trust (the "Frost Gamma Note"), a trust controlled by Dr. Phillip
Frost, which beneficially owns in excess of 10% of NIMS' common stock. The
interest rate payable by NIMS on the Frost Gamma Note is 11% per annum, payable
on the maturity date of October 4, 2023 (the "Maturity Date"). The Frost Gamma
Note may be prepaid in advance of the Maturity Date without penalty.
The foregoing is only a brief summary of some of the terms of the Frost Gamma
Note and does not purport to be complete. Please refer to the Frost Gamma Note,
which is attached as Exhibit 10.1 for its full terms.
On October 4, 2021, NIMS entered into a Promissory Note in the principal amount
of $75,000.00 with Jane Hsiao, Ph.D., the Company's Chairman and Interim CEO
(the "Hsiao Note") and a beneficial holder in excess of 10% of NIMS' common
stock. The interest rate payable by NIMS on the Hsiao Note is 11% per annum,
payable on the Maturity Date. The Hsiao Note may be prepaid in advance of the
Maturity Date without penalty.
The foregoing is only a brief summary of some of the terms of the Hsiao Note and
does not purport to be complete. Please refer to the Hsiao Note, which is
attached as Exhibit 10.2 for its full terms.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Promissory Note of Non-Invasive Monitoring Systems, Inc. in favor of
Frost Gamma Investments Trust dated October 4, 2021.
10.2 Promissory Note of Non-Invasive Monitoring Systems, Inc. in favor of Jane
Hsiao, dated October 4, 2021.
© Edgar Online, source Glimpses
NON-INVASIVE MONITORING SYSTEMS, INC. 
