Item 1.01 Entry into a Material Definitive Agreement.
On September 25, 2020 the Company's wholly owned subsidiary, Predictive
Laboratories, entered into a Consulting Agreement with Prophase Labs, to assist
ProPhase Labs, Inc. ("ProPhase") in developing additional COVID-19 testing
capacity. Proceeds from the consulting agreement were to be used to repay a
$3,000,000 loan from ProPhase to the Company.
On January 14, 2021 the Company entered into an Amendment and Termination
Agreement with ProPhase in which ProPhase agreed to loan the Company $1,000,000
in consideration for the Company's agreement to cancel its existing consulting
agreement and to cancel any obligation of ProPhase to make further payments
under the consulting agreement. The note as amended, requires that Predictive
make certain prepayment based on COVID -19 test fees it collects. In addition,
on each payment date commencing after September 1, 2021, Predictive will also be
required to make payments in amounts equal to the greater of a.) fees to be
generated from COVID-19 tests to be performed by the Company or b.) 1/36th of
the outstanding principal amount of the note together with interest thereon. A
copy of the Amendment and Termination Agreement is attached as an Exhibit to
this current report.
Item 9.01 Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Amendment and Termination Agreement. .
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Predictive Technology Group, Inc.
Date: January 18, 2021
By: /s/ Bradley Robinson
Bradley Robinson
Director /Chief Executive Officer
-2-© Edgar Online, source Glimpses
PREDICTIVE TECHNOLOGY GROUP, INC. 
