Current Report Filing (8-k)
April 24 2020 - 5:07PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): April 16, 2020
GULFSLOPE
ENERGY, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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000-51638
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16-1689008
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employee
Identification
No.)
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1331
Lamar St., Suite 1665
Houston,
Texas 77010
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (281) 918-4100
Not
applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act: None
Title
of each class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
stock, par value $0.001 per share
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GSPE
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OTC
QB
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
On
April 16, 2020, GulfSlope Energy, Inc. (the “Company”) entered into a promissory note (the “Note”) evidencing
an unsecured $100,300 loan under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program
was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered
by the U.S. Small Business Administration. The PPP Loan is being made through Zions Bancorporation, N.A. dba Amegy Bank (the “Lender”).
The
PPP Loan is scheduled to mature on April 16, 2022 and has a 1.00% interest rate. No payments are due on the PPP Loan until November
16, 2020, although interest will continue to accrue during the deferment period. Beginning November 16, 2020, the Company will
pay 18 equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the
maturity date. Under the terms of the CARES Act, all or a portion of the PPP Loan may be forgiven. Such forgiveness will be determined,
subject to limitations, based on the use of loan proceeds for payroll costs and mortgage interest, rent or utility costs. No assurance
is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part.
The
Note contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties,
or provisions of the Note. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection
of all amounts owing from the Company, and/or filing suit and obtaining judgment against the Company. Additionally, the Note is
subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration under the CARES
Act.
The
foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, which is filed as Exhibit
10.1 to this Current Report and is incorporated by reference herein..
Item
9.01
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Financial
Statements and Exhibits.
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(d)
Exhibits.
Exhibit
No.
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Description
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10.1
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U.S.
Small Business Administration Note dated as of April 16, 2020, by GulfSlope Energy, Inc. in favor of Zions Bancorporation,
N.A, dba Amegy Bank as lender.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date:
April 24, 2020
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GULFSLOPE
ENERGY, INC.
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/s/
John N. Seitz
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Name:
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John
N. Seitz
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Title:
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Chief
Executive Officer
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Gulfslope Energy (CE) (USOTC:GSPE)
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