ACURA PHARMACEUTICALS, INC: debt financing — Acura receives $250K related-party loan; warns may need to terminate operations by end of August 2023

ACURA PHARMACEUTICALS, INC

Received $250K loan from AD Pharma; total note now $3,919,279, matures Dec 31, 2023 at 5.25%.
AD Pharma holds 66% of common; its managing partner Mr. Schutte directly owns 14%.
Proceeds cover operations only through August 2023; no assurance of additional financing; may need to scale back or seek bankruptcy.
Default interest rate 7.5% per annum on overdue amounts.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ACURA PHARMACEUTICALS, INC incurred loan of $250,000 with Abuse Deterrent Pharma, LLC at 5.25% maturing December 31, 2023.

Instrument: loan
Principal: $250,000
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On July 28, 2023 we received a $250,000 loan from Abuse Deterrent Pharma, LLC ("AD Pharma").

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Source: SEC EDGAR

accession 0001104659-23-085361

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