Current Report Filing (8-k)
October 09 2020 - 10:37AM
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): September 4, 2020
VYSTAR
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
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Georgia
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000-53754
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20-2027731
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(State
or Other Jurisdiction
of
Incorporation
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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725
Southbridge St
Worcester,
MA
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01609
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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: (508) 791-9114
n/a
(Former
Name or Former Address, if Changed Since Last Report)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
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Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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NONE
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NONE
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NONE
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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 (see General Instruction A.2. below):
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[ ]
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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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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
1.02 Termination of a Material Definitive Agreement
On
February 24, 2020, Vystar and Rotmans had entered into an agreement with Libertas Funding LLC to sell future receipts totaling
$1,089,000 for a purchase price of $825,000. The Libertas funding has been paid off with no further obligation effective September
4, 2020.
Item
2.03 Creation of a Direct Financial Obligation or an obligation under an Off-Balance Sheet Arrangement of a Registrant
On
October 7, 2020, the Company entered into a $630,000 promissory note for a loan made by the President of the Company, Steven Rotman,
at 5% note payable at maturity no later than July 1, 2021.
Item
3.02 Unregistered Sales of Equity Securities
Payoff
of $500,000 Loan. In 2018, certain investors borrowed $100,000 each from Fidelity Bank under a $500,000 revolving line of
credit and the investors had used the proceeds to loan $500,000 to the Company. In lieu of repayment of principal and interest,
the Company accepted subscriptions of 41,250,000 shares of common stock at $.016 per share on September 17, 2020. The shares are
restricted pursuant to Section 4(2) of the Securities Act.
SIGNATURE
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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VYSTAR
CORPORATION
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Date:
October 9, 2020
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By:
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/s/
Steven Rotman
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Name:
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Steven
Rotman
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Title:
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President/Chief
Executive Officer
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Vystar (CE) (USOTC:VYST)
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