Summary by Moomoo AI
On March 10, 2024, Applied UV, Inc., along with its subsidiaries SteriLumen, Inc. and MunnWorks, LLC, entered into a Business Loan and Security Agreement with Cedar Advance LLC. The agreement provided Applied UV with a loan of $772,500 at an annual interest rate of 28%, which includes broker's fees and origination charges. The loan, which has a term of 40 weeks, is intended for general corporate purposes and to support the company's working capital needs for further growth. The agreement stipulates that in the event of a default, which is not remedied within three business days, the lender will have a continuing interest in the company's assets, with the right to debit amounts from the company's checking account and accelerate the total principal and interest due. The loan can be prepaid at any time without penalty. This financial move follows a previous loan agreement from February 8, 2024, where Applied UV borrowed $515,000 under similar terms. The details of these agreements are fully outlined in the exhibits filed with the SEC.