Research Reports

Key takeaways

NIMS issued $200,000 promissory note to Frost Gamma Investments Trust, controlled by Board Member Dr. Phillip Frost (>$10% shareholder), at 11% interest, due June 30, 2026.

NIMS issued $100,000 promissory note to Chairman Jane Hsiao (>$10% shareholder), at 11% interest, due June 30, 2026.

Both notes are prepayable without penalty.

Notes executed by CFO James J. Martin.

Governed by Florida law, with collection costs including attorneys' fees borne by NIMS.

Full analysis

Non-Invasive Monitoring Systems, Inc. created short-term debt obligations totaling $300,000 through two promissory notes dated May 7, 2026, both maturing on June 30, 2026, with an 11% per annum interest rate payable at maturity. The $200,000 note is held by Frost Gamma Investments Trust, controlled by Dr. Phillip Frost, a NIMS Board Member and >10% shareholder, while the $100,000 note is held by Jane Hsiao, NIMS' Chairman and Interim CEO, also a >10% shareholder. These related-party transactions signal immediate liquidity needs, as the notes are unsecured and short-term. Prepayment is allowed without penalty, providing flexibility if funds become available. Standard terms include waiver of presentment, consent to extensions, and NIMS' obligation to cover enforcement costs including attorneys' fees. Governed by Florida law with venue in Miami-Dade County.

NIMU · Non-Invasive Monitoring Systems, Inc.

Summary

Key takeaways

Full analysis