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<DIV style=margin-left:90pt;width:432pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>UNITED STATES</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Washington, D.C. 20549</B></FONT></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=center style='font:16pt Times New Roman;margin-top:0pt;margin-bottom:9.4pt;color:#000000'> <B>FORM 8-K</B></P>
<P align=center style='font:16pt Times New Roman;margin-top:0pt;margin-bottom:29.25pt;color:#000000'><B>CURRENT REPORT </B></P>
<P align=center style='font:11.5pt Times New Roman;margin-top:0pt;margin-bottom:29.25pt;color:#000000'><B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Date of Report (Date of earliest event reported)</P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>April 14, 2020</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&#160;&#160;&#160;</P>
<P align=center style='font:14pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>ACQUIRED SALES CORP. </B></FONT></P>
<P align=center style='font:11pt Times New Roman;margin:0'>(Exact name of registrant as specified in its charter)</P>
<P style='font:11pt Times New Roman;margin:0'>&#160;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:48.76%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'><B>Nevada</B></P>
</TD><TD valign=bottom style=width:2.5%;padding-left:0.7pt;padding-right:0.7pt><P style='font:11pt Times New Roman;margin:0'><B>&#160;</B></P>
</TD><TD valign=top style=width:48.74%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'><B>87-0479286</B></P>
</TD></TR>
<TR><TD valign=top style=width:48.76%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>(State or other jurisdiction of incorporation or organization)</P>
</TD><TD valign=bottom style=width:2.5%;padding-left:0.7pt;padding-right:0.7pt><P style='font:11pt Times New Roman;margin:0'><B>&#160;</B></P>
</TD><TD valign=top style=width:48.74%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>(I.R.S. Employer Identification No.)</P>
</TD></TR>
<TR><TD valign=top style=width:48.76%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=bottom style=width:2.5%;padding-left:0.7pt;padding-right:0.7pt><P style='font:11pt Times New Roman;margin:0'><B>&#160;</B></P>
</TD><TD valign=top style=width:48.74%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:48.76%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><B>31 N. Suffolk Lane, Lake Forest, Illinois</B></P>
</TD><TD valign=bottom style=width:2.5%;padding-left:0.7pt;padding-right:0.7pt><P style='font:11pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=bottom style=width:48.74%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'><B>60045</B></P>
</TD></TR>
<TR><TD valign=top style=width:48.76%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>(Address of principal executive offices)</P>
</TD><TD valign=bottom style=width:2.5%;padding-left:0.7pt;padding-right:0.7pt><P style='font:11pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:48.74%;padding-left:0.7pt;padding-right:0.7pt><P align=center style='font:11pt Times New Roman;margin:0'>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin:0'>&#160;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>847-915-2446 </B></FONT></P>
<P align=center style='font:7.5pt Times New Roman;margin:0'><FONT style=font-size:7.5pt><B>(Registrant&#8217;s telephone number, including area code) </B></FONT></P>
<P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:10.35pt;color:#000000'><FONT style=font-size:11pt>Check</FONT> 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 style='border-bottom:1px solid #000000'>see </FONT>General Instruction A.2. below): </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10.35pt;color:#000000'>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10.35pt;color:#000000'>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10.35pt;color:#000000'>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style='font:10pt Times New Roman;margin:0;color:#000000'>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'><A name=fis_form />&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>Section 2 - Financial Information</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'><FONT style=line-height:12.2pt>In response to the coronavirus (COVID-19) pandemic the U.S. Small Business Administration (the &#8220;SBA&#8221;) is making available low-interest rate loans to qualified small businesses under its Economic Injury Disaster Loan program (the &#8220;EIDL&#8221;). Lifted Liquids, Inc. d/b/a Lifted Made (&#8220;Lifted&#8221;), a wholly owned subsidiary of Acquired Sales Corp. (&#8220;AQSP&#8221;) has applied for a loan under the EIDL. Lifted also applied for and received a loan (the &#8220;Loan&#8221;) under the Paycheck Protection Program (the &#8220;PPP&#8221;) under the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;), which was enacted March 27, 2020. The Loan was issued by BMO Harris Bank (the &#8220;Lender&#8221;) in the aggregate principal amount of $149,622.50 and evidenced by a promissory note (the &#8220;Note&#8221;), dated April 14, 2020 issued by Lifted to the Lender. The Note matures on April 14, 2022. The Note bears interest at a rate of 1.00% per annum, payable monthly commencing on November 14, 2020, following an initial deferral period as specified under the PPP. The Note may be prepaid by Lifted at any time prior to maturity with no prepayment penalties. Proceeds from the Loans will be available to Lifted to fund designated expenses, including certain payroll costs and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest may be forgiven to the extent the Loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP. AQSP intends that Lifted would use its entire Loan amount for designated qualifying expenses and to apply for forgiveness of the Loan in accordance with the terms of the PPP. No assurance can be given that Lifted will obtain forgiveness of the Loan in whole or in part.</FONT></P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'><FONT style=line-height:12.2pt>With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults, breaches of the provisions of the Note.</FONT></P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'><FONT style=line-height:12.2pt>As of April 21, 2020, and including the full funding of borrowing under the above referenced PPP Loan, there was cash on hand of $458,394 at Lifted and $413,396 at AQSP, for a total consolidated cash on hand amount of $871,790, $149,622.50 of which stem from the above referenced PPP Loan.</FONT></P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'><FONT style=line-height:12.2pt>Forward-Looking Statements </FONT></P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.2pt;margin:0'><FONT style=line-height:12.2pt>This Current Report on Form 8-K contains forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements concerning AQSP&#8217;s expectations, anticipations, intentions, or beliefs regarding the Loan. These forward-looking statements are based on management&#8217;s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including financial market conditions; actions by the Loan parties; changes by the Small Business Association or other governmental authorities regarding the CARES Act, the Payroll Protection Program or related administrative matters; AQSP&#8217;s and Lifted&#8217;s ability to comply with the terms of the Loan and the CARES Act, including to use the proceeds of the Loan as described herein; and other risks and uncertainties described under the headings &#8220;Forward-Looking Statements,&#8221; &#8220;Risk Factors&#8221; and other sections of AQSP&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2020, and subsequent filings. AQSP undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:36pt'>Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:252pt></KBD>ACQUIRED SALES CORP.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:252pt></KBD><FONT style='border-bottom:1px solid #000000'>/s/ Gerard M. Jacobs</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:252pt></KBD>Gerard M. Jacobs &nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:252pt></KBD>Chief Executive Officer&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Dated: &nbsp;April 21, 2020</P>
</DIV>
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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)
April 14, 2020
ACQUIRED SALES CORP.
(Exact name of registrant as specified in its charter)
Nevada
87-0479286
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
31 N. Suffolk Lane, Lake Forest, Illinois
60045
(Address of principal executive offices)
(Zip Code)
847-915-2446
(Registrant's telephone number, including area code)
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):
[ ] 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))
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.
In response to the coronavirus (COVID-19) pandemic the U.S. Small Business Administration (the "SBA") is making available low-interest rate loans to qualified small businesses under its Economic Injury Disaster Loan program (the "EIDL"). Lifted Liquids, Inc. d/b/a Lifted Made ("Lifted"), a wholly owned subsidiary of Acquired Sales Corp. ("AQSP") has applied for a loan under the EIDL. Lifted also applied for and received a loan (the "Loan") under the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was enacted March 27, 2020. The Loan was issued by BMO Harris Bank (the "Lender") in the aggregate principal amount of $149,622.50 and evidenced by a promissory note (the "Note"), dated April 14, 2020 issued by Lifted to the Lender. The Note matures on April 14, 2022. The Note bears interest at a rate of 1.00% per annum, payable monthly commencing on November 14, 2020, following an initial deferral period as specified under the PPP. The Note may be prepaid by Lifted at any time prior to maturity with no prepayment penalties. Proceeds from the Loans will be available to Lifted to fund designated expenses, including certain payroll costs and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest may be forgiven to the extent the Loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP. AQSP intends that Lifted would use its entire Loan amount for designated qualifying expenses and to apply for forgiveness of the Loan in accordance with the terms of the PPP. No assurance can be given that Lifted will obtain forgiveness of the Loan in whole or in part.
With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults, breaches of the provisions of the Note.
As of April 21, 2020, and including the full funding of borrowing under the above referenced PPP Loan, there was cash on hand of $458,394 at Lifted and $413,396 at AQSP, for a total consolidated cash on hand amount of $871,790, $149,622.50 of which stem from the above referenced PPP Loan.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements concerning AQSP's expectations, anticipations, intentions, or beliefs regarding the Loan. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including financial market conditions; actions by the Loan parties; changes by the Small Business Association or other governmental authorities regarding the CARES Act, the Payroll Protection Program or related administrative matters; AQSP's and Lifted's ability to comply with the terms of the Loan and the CARES Act, including to use the proceeds of the Loan as described herein; and other risks and uncertainties described under the headings "Forward-Looking Statements," "Risk Factors" and other sections of AQSP's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2020, and subsequent filings. AQSP undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
ACQUIRED SALES CORP.
/s/ Gerard M. Jacobs
Gerard M. Jacobs
Chief Executive Officer
Dated:  April 21, 2020