secwatch.observer — SEC 8-K summary
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Issuer:     ProPhase Labs, Inc. (PRPH)
CIK:        0000868278
Form:       8-K/A
Filed at:   2024-08-22T23:59:59+00:00
Accession:  0001493152-24-033487
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 8.01, 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ProPhase Labs issues $10M amended promissory note at 15% interest, due 2027
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- Amended and restated unsecured promissory note to JXVII Trust for $10M principal, replacing $7.6M note from Jan 2023.
- Note bears 15% annual interest, payable quarterly, maturing August 15, 2027; prepayable without penalty.
- As of June 30, 2024, working capital $16.1M, cash $2.4M, outstanding debt $13.6M net of discounts.
- Proceeds used for working capital, product development, and potential acquisitions.
- Risk factor added highlights potential inability to service debt and need for additional capital.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/868278/000149315224033487/0001493152-24-033487-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/868278/000149315224033487/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-033487

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer