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 13, 2022
Loop Media, Inc.
(Exact name of registrant as specified in its charter)
Nevada | 000-55591 | 47-3975872 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
of Incorporation) | File Number) | Identification No.) |
700 N. Central Ave., Suite 430 Glendale, CA | 91203 | |
(Address of Principal Executive Office) | (Zip Code) |
(213) 436-2100
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
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:
¨ 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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
N/A | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 1.01 Entry into a Material Definitive Agreement
As previously announced, on February 23, 2022, Loop Media, Inc. (the “Company”) entered into a Non-Revolving Line of Credit Loan Agreement (the “Credit Agreement”), with Excel Family Partners, LLLP, an entity managed by Bruce Cassidy, a member of the Company’s board of directors, for aggregate loans of up to $1.5 million (the “Loan”), evidenced by a Non-Revolving Line of Credit Promissory Note, also dated February 23, 2022. On April 13, 2022, the Credit Agreement was amended by the First Amendment to Loan Agreement (the “Credit Agreement Amendment”) to increase the aggregate Loan amount by $500,000, evidenced by an additional Non-Revolving Line of Credit Promissory Note, also dated April 13, 2022 (the “Additional Note”).
The descriptions of the Credit Agreement Amendment and the Additional Note are qualified in their entirety by reference to the full texts of the Credit Agreement Amendment and the Additional Note, which are incorporated by reference herein. Copies of the Credit Agreement Amendment and the Additional Note are included herein as Exhibits 10.1 and 10.2, respectively.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information in Item 1.01 with respect to the Credit Agreement Amendment is incorporated by reference into this Item 2.03.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit Number | Description | |
10.1 | First Amendment to Loan Agreement, dated April 13, 2022, by and between the Company and Excel Family Partners, LLLP. | |
10.2 | Non-Revolving Line of Credit Promissory Note, dated April 13, 2022, by and between the Company and Excel Family Partners, LLLP. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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.
Date: April 19, 2022 | LOOP MEDIA, INC. | |
By: | /s/ Jon Niermann | |
Jon Niermann, CEO |