ACURA PHARMACEUTICALS, INC: debt financing — Acura Pharma gets $250K loan from related party AD Pharma; total debt $5.17M due March 31, 2024

ACURA PHARMACEUTICALS, INC

Received $250,000 loan from AD Pharma (65% owner), increasing total debt to $5,169,279 at 5.25% interest, due March 31, 2024.
Proceeds fund operations only through mid-March; company warns it may need additional financing by March-end to avoid scaling back or bankruptcy.
AD Pharma (controlled by Mr. Schutte) directly owns ~65% of Acura's common stock; Mr. Schutte personally owns ~13%.
If no additional financing by end of March, company may need to terminate operations or seek bankruptcy protection, risking total loss of shareholder value.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

ACURA PHARMACEUTICALS, INC incurred loan of $250,000 loan with Abuse Deterrent Pharma, LLC at 5.25% maturing March 31, 2024.

Instrument: loan
Principal: $250,000 loan
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: March 31, 2024
Event: incurrence

Exact text from the filing

On February 14, 2024 we received a $250,000 loan from Abuse Deterrent Pharma, LLC (“AD Pharma”). This loan combined with previous loans made to the Company and with the $2,319,279 under the November 10, 2022 Amended Consolidated and Restated Secured Promissory Note, now totals $5,169,279, bears interest at 5.25% and matures on March 31, 2024, at which time all principal and interest is due (“Note”).

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Source: SEC EDGAR

accession 0001104659-24-023174

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