On October 14, 2022, EKIMAS Corporation (the Company) executed a Demand Promissory Note (the Note) in favor of GK Partners ApS (the Lender), a private company located in Denmark. The Note has a principal amount of $40,000, bears interest at a rate of 3% per annum and matures on June 30, 2023 (the Maturity Date). Principal and accrued interest are payable on the Maturity Date or earlier on demand.
The Lender advanced $20,000 of the principal amount of the Note on October 14, 2022 and is expected to advance the remaining $20,000 no later than October 21, 2022. The Company plans to use the amounts advanced to pay certain operating expenses.