Lifeloc Technologies, Inc (LCTC): debt financing — Lifeloc Technologies enters $500K promissory note with CFO/Chairman for SpinDetect development

Lifeloc Technologies, Inc

Principal $500K, 10.5% initial interest, interest-only payments through Dec 31, 2026.
From Jan 2027, 60 equal monthly installments of principal & interest; full balance due Dec 31, 2031.
Note secured by deed of trust on company office and substantially all assets, subordinate to Citywide Banks senior debt.
Proceeds will fund continued development of the SpinDetect product.
Lender is Vern Kornelsen, the company's CFO and Chairman of the Board.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Lifeloc Technologies, Inc incurred loan of $500,000 with Vern Kornelsen at 10.5% per annum (subject to upward adjustment based on changes in the prime rate maturing December 31, 2031.

Instrument: loan
Principal: $500,000
Counterparty: Vern Kornelsen
Rate: 10.5% per annum (subject to upward adjustment based on changes in the prime rate
Maturity: December 31, 2031
Event: incurrence

Exact text from the filing

On May 4, 2026, Lifeloc Technologies, Inc. (the “Company”) entered into a loan transaction with Vern Kornelsen, the Company’s Chief Financial Officer and Chairman of the Board. The transaction consists of a Promissory Note dated May 1, 2026 (the “Note”) in the principal amount of $500,000.

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Lifeloc Technologies, Inc filing history →

Source: SEC EDGAR

accession 0001079973-26-000624

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