<SEC-DOCUMENT>0001654954-19-008222.txt : 20190712
<SEC-HEADER>0001654954-19-008222.hdr.sgml : 20190712
<ACCEPTANCE-DATETIME>20190712161709
ACCESSION NUMBER:		0001654954-19-008222
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190708
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20190712
DATE AS OF CHANGE:		20190712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sanara MedTech Inc.
		CENTRAL INDEX KEY:			0000714256
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				592220004
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11808
		FILM NUMBER:		19953214

	BUSINESS ADDRESS:	
		STREET 1:		1200 SUMMIT AVE
		STREET 2:		SUITE 414
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-529-2300

	MAIL ADDRESS:	
		STREET 1:		1200 SUMMIT AVE
		STREET 2:		SUITE 414
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOUND MANAGEMENT TECHNOLOGIES, INC.
		DATE OF NAME CHANGE:	20080611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MB SOFTWARE CORP
		DATE OF NAME CHANGE:	19960805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INAV TRAVEL CORPORATION
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>wndm_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Washington,
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">FORM
8-K</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 7px"><font style="font-size: 13px">
C</font>URRENT <font style="font-size: 13px">R</font>EPORT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Date of Report (Date of earliest event reported): July 8,
2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SANARA MEDTECH INC.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(Exact name of registrant as specified in its
charter)</font>&#xA0;<br></font></div>
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<td style="width: 34%">
<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Texas<br>
</font></div>
</td>
<td style="width: 33%">
<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">000-11808</font></div>
</td>
<td style="width: 33%">
<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">59-2219994</font></div>
</td>
</tr><tr>
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<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(State
or other jurisdiction of incorporation)</font></div>
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<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Commission
File Number)</font></div>
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<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">1200
Summit Avenue, Suite 414</font> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Fort
Worth, Texas</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">76102</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
</td>
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<div style="text-align: center"><font>&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(zip
code)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Registrant&#x2019;s telephone number, including area code:
(817)-529-2300</font></div>
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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:</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Indicate
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as defined in in Rule 405 of the Securities Act of 1933
(&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&#xA7;240.12b-2 of this
chapter).</font></div>
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checkmark 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.</font> <font style="font-family: Times New Roman">&#x2610;</font></font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On July
8, 2019, Sanara MedTech Inc. (&#x201C;Sanara&#x201D; or the
&#x201C;Company&#x201D;) executed a license agreement with Rochal
Industries, LLC (&#x201C;Rochal&#x201D;) whereby Sanara acquired an
exclusive world-wide license to market, sell and further develop
antimicrobial products for the prevention and treatment of microbes
on the human body utilizing certain Rochal patents and pending
patent applications (the &#x201C;License Agreement&#x201D;).
Currently, the products covered by the License Agreement are
BIAK&#x14C;S&#x2122; Antimicrobial Wound Gel, and FDA cleared
BIAK&#x14C;S&#x2122; Antimicrobial Skin and Wound Cleanser. A
director and indirect principal shareholder of Sanara is also a
director of Rochal, and indirectly a significant shareholder of
Rochal, and through the potential exercise of warrants a majority
shareholder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Key
terms of the License Agreement include:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">1. In consideration
for the license, Sanara paid to Rochal $1,000,000 and agreed to pay
an additional $500,000 upon FDA clearance of the BIAK&#x14C;S&#x2122;
Antimicrobial Wound Gel product for sale within the United
States.</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">2. Subject to the
occurrence of specified Sanara financing conditions in 2019, Sanara
will also pay Rochal<font style="font-weight: bold; font-size: 13px">&#xA0;</font>$1,500,000, which
at Sanara&#x2019;s option may be in cash or Sanara Common Stock; or
a combination of cash and Sanara Common Stock.</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">3. Sanara will pay
Rochal a royalty of:</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">a. 4% of net sales
of licensed products in countries in which patents are
registered</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">b. 2% of net sales
of licensed products in countries without patent
protection.</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
minimum annual royalty due to Rochal will be $100,000 beginning
with calendar year 2020. The annual minimum royalty will increase
by 10% each subsequent calendar year up to a maximum amount of
$150,000.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">4. Beginning with
the 2020 calendar year, Sanara will pay an additional royalty based
on specific net profit targets related to the licensed products.
Net profits for the licensed products are defined as net sales,
less cost of goods sold (including royalties) and direct marketing
and selling expenses. The additional royalty will be 25% of the
amount of actual net profits in excess of the established net
profit targets, subject to a maximum of $1,000,000 for any calendar
year. The established net profit targets for each calendar year
are:</font></div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">a. 2020 -
$1,500,000</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">b. 2021 -
$5,000,000</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">c. 2022 -
$8,000,000</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">d. 2023 -
$10,000,000</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">e. 2024 -
$15,000,000</font></div>
<div style="text-align: left; margin-left: 24px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">f. Beginning in
2025 and for each calendar year thereafter, net profit targets will
be equal to the immediately preceding calendar year&#x2019;s net
profit target incremented by the greater of (1) 50% of the U.S.
dollar growth in the amount of net profit in the current year over
net profit in the immediately preceding calendar year, or (2) the
percentage of overall growth of the market for the category by
which the licensed products are generally described.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unless
previously terminated by the parties, the License Agreement will
expire with the related patents in December 2031.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
foregoing summary of the License Agreement does not purport to be
complete and is qualified in its entirety by reference to the
License Agreement. Sanara expects to file a copy of the License
Agreement as an exhibit to its Quarterly Report on Form 10-Q for
its quarter ending June 30, 2019.</font></div>
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<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Sanara
MedTech Inc.</font></td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Date:
July 12, 2019<br></font></td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Michael
D. McNeil</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Name:
Michael D. McNeil</font></td>
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<td style="width: 35%; vertical-align: top;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Title:
Chief Financial Officer</font></td>
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