Current Report Filing (8-k)
June 22 2021 - 2:05PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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: June 12, 2021
TARGET
GROUP INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-55066
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46-3621499
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State or other jurisdiction incorporation
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Commission File Number
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IRS Employer
Identification No.
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20 Hempstead Drive Hamilton Ontario,Canada
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L8W 2E7
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (905) 541-3833
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(Former name or former address, if changed since last report)
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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:
¨ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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 x
For 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.
Emerging Growth Company ¨
Securities registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934:
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Title of
each class
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Trading
symbol
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Name
of each exchanges on which registered
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N/A
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N/A
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N/A
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Section 2- Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
On December 26, 2019, the
Company filed a report on Form 8-K disclosing the entry into a financing agreement (“Original Loan”) with a private
individual (“Lender”) who is the brother of the Company’s Chief Executive Officer, Anthony Zarcone. The Original
Loan was subsequently amended on three previous occasions as disclosed in reports filed on Form 8-K on March 17, 2020, April 24, 2020
and May 14, 2020.
Effective June 12, 2021, the
Company and Lender entered into a Fourth Amending and Extending Agreement pursuant to which the Company and the Lender agreed that aggregate
principal and interest balance on the Original Loan is US$2,136,380.00. The maturity date of the Original Loan is extended to June 1,
2023. The amended loan carries interest at the rate of 3.0146% per month (43.26% per annum). The remaining terms and conditions of the
Original Loan remain in full force and effect.
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.
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TARGET GROUP INC.
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Dated: June 21, 2021
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By:
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/s/ Anthony Zarcone
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Chief Executive Officer
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