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): March 15, 2006
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Zynex Medical Holdings, Inc.
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(Exact name of Registrant as specified in its charter)
Nevada 33-26787-D 90-0214497
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
8100 South Park Way, Suite A-9, Littleton, CO 80120
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (303) 703-4906
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Total pages: 3
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Exhibit index at: 2
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Item 1.01 Entry into a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
On March 15, 2006 Zynex Medical Holdings, Inc. and Zynex Medical, Inc
(collectively "Zynex") received a loan of $240,000 under a Default Waiver and
First Amendment To Loan and Security Agreement with Silicon Valley Bank dated
September 29, 2005. The Amendment to the existing loan agreement of September
29, 2005 provided for this second term loan and waived one covenant for the time
period ended December 31, 2005. The new loan bears interest at a per annum fixed
rate of 8.48%. Registrant will repay the loan in 36 equal monthly payments of
principal and interest, beginning April 1, 2006. All other terms and conditions
are as stated in the September 29, 2005 loan agreement. The new loan is
guaranteed by Zynex Chairman, President, Chief Executive Officer and major
shareholder Thomas Sandgaard and is collateralized by a first security interest
in accounts, inventory, chattel paper, equipment, fixtures, general intangibles,
including intellectual property and other assets.
Item 9.01 Finanical Statements and Exhibits
The following exhibits are filed with this Report:
Exhibit No. Document
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10.1 Default Waiver and First Amendment to Loan and Securiy
Agreement, March 6, 2005
10.2 Unconditional Guaranty by Thomas Sandgaard for Silicon
Valley Bank, dated March 6, 2005.
99.1 Press Release dated March 17, 2006.
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.
Zynex Medical Holdings, Inc.
(Registrant)
Date: March 20, 2006 By: /s/ Thomas Sandgaard
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Thomas Sandgaard
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Document
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10.1 Default Waiver and First Amendment to Loan and
Security Agreement, March 6, 2005
10.2 Unconditional Guaranty by Thomas Sandgaard for Silicon
Valley Bank, dated March 6, 2006
99.1 Press Release dated March 17, 2006