Corporate GovernanceApr 30, 2026, 04:33 PM
VTAK Amends 10-K; Discloses $2.6M Loss on Related Party Royalty Exchange
AI Summary
Catheter Precision, Inc. (VTAK) filed an amendment to its 2025 Form 10-K to include detailed disclosures on related party transactions and director independence. Key transactions include the exchange of royalty rights with CEO David Jenkins and an affiliated entity for Series J Preferred Stock, resulting in a $2.6 million loss on debt extinguishment. The company also extended $1.5 million in related party notes payable and issued Series M warrants to these parties, while forming new subsidiaries with significant related party involvement.
Key Highlights
- VTAK amended 10-K to include omitted Part III, Item 13 on related party transactions.
- Exchanged royalty rights with CEO David Jenkins and FatBoy for 9,489.488 Series J Preferred Stock.
- Recorded a $2.6M loss on debt extinguishment from the royalty right exchange.
- Extended $1.5M in related party notes payable to 2028/2029 with Jenkins, FatBoy, and Jenkins Family Charitable Institute.
- Issued 340,000 Series M warrants to Jenkins and FatBoy, valued at $509,000.
- Transferred PeriKard, LLC membership interests to CEO David Jenkins for de minimis cash.
- Formed Cardionomix (82% owned) and KardioNav (57% owned) with stakes for CEO and affiliates.
- Waived 9.99% beneficial ownership limit for Jenkins Family Charitable Institute to exercise 12,368 warrants.