secwatch.observer — SEC 8-K summary
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Issuer:     Lifeloc Technologies, Inc (LCTC)
CIK:        0001493137
Form:       8-K
Filed at:   2026-05-08T23:59:59+00:00
Accession:  0001079973-26-000624
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lifeloc Technologies enters $500K promissory note with CFO/Chairman for SpinDetect development
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1493137/000107997326000624/0001079973-26-000624-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1493137/000107997326000624/lctc_8k.htm
  HTML page:      https://secwatch.observer/filing/0001079973-26-000624

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