XML 32 R19.htm IDEA: XBRL DOCUMENT v3.22.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

On March 24, 2022, Sanara MedTech Inc. (the “Company”) delivered notice to Cadence Bank, N.A. (“Cadence”) of termination of its loan agreement, dated January 15, 2021, by and among Cadence, the Company, Cellerate, LLC, and United Wound and Skin Solutions, LLC (the “Loan Agreement”), as modified and amended by that certain modification agreement (the “Modification Agreement”), dated June 29, 2021, by and among Cadence, the Company, Cellerate, LLC and United Wound and Skin Solutions, LLC (the loan agreement, as amended by the Modification Agreement, the “Modified Loan Agreement”), effective as of March 25, 2022. The Modified Loan Agreement provided for a $2.5 million revolving line of credit that was secured by substantially all of the assets of the Company and was scheduled to mature on January 13, 2023. The Company determined to terminate the Loan Agreement because the Company has no present intention of drawing upon the revolving line of credit. Upon the termination of the Modified Loan Agreement, all security interests and pledges granted to Cadence thereunder were terminated and released. The Company did not have any borrowings outstanding under the Modified Loan Agreement and did not incur any early termination penalties in connection with the termination of the Modified Loan Agreement.