cbdMD enters forbearance on sublease default, moves executive offices

cbdMD, Inc.

Behind on rent since Sep 2023; default notice and summary ejectment filed Feb 2024.
Forbearance requires $80k upfront plus four monthly payments of $40k to HSKL.
Granted HSKL license to use Red Oak Facilities through July 31, 2024; sublease ends.
Executive offices moved to 2101 Westinghouse Blvd, existing warehouse location.
Breach of forbearance lets HSKL immediately pursue all remedies under sublease.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

cbdMD, Inc. entered into License Agreement and Lease Forbearance Agreement with HSKL, Inc. valued at License grant and forbearance in exchange for $80,000 upfront and four monthly payments of $40,000 (effective 2024-03-14).

Action: entry
Agreement: settlement
Counterparty: HSKL, Inc.
Value: License grant and forbearance in exchange for $80,000 upfront and four monthly payments of $40,000
Effective: 2024-03-14

Exact text from the filing

Effective March 20, 2024 we entered into a License Agreement, dated as of March 14, 2024, by and between cbdMD, Inc. and HSKL, Inc. (the “License Agreement”) and Lease Forbearance Agreement, dated as of March 14, 2024, by and between cbdMD, Inc. and HSKL, Inc. (the “Forbearance Agreement”).

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cbdMD, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-24-008153

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