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
May 27, 2003
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Date of Report
(Date of Earliest Event Reported)
Tech Laboratories, Inc
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(Exact name of Registrant as specified in its charter)
New Jersey 000-27592 22-1436279
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(State or other jurisdiction of (Commission (I.R.S. Employee
incorporation or organization) File No.) I.D. Number)
955 Belmont Avenue 07508
North Haledon, New Jersey
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(Address of principal executive offices (Zip Code)
(973) 427-5333
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
Tech Laboratories, Inc. (the "Company") received a notice of
non-payment and default ("Notice of Non-payment and Default") on May 27, 2003
from two holders of its 6.5% convertible notes issued on October 13, 2000 (the
"Notes"). The Notice of Non-payment and Default states that the maturity date of
the Notes was October 13, 2002; that the Company is in default under the terms
of the Notes and the subscription agreement entered into by and between the
Company and the Noteholders (the "Subscription Agreement"); that $380,000 of
principal is presently outstanding and owed to each of the two Noteholders; that
in accordance with the terms of the Subscription Agreement, $129,700 of
liquidated damages will be owed to each of the two Noteholders as of May 31,
2003; and that $32,499 of interest is due and owed to each of the two
Noteholders.
The Notice of Non-payment and Default demands that payment be made on
or before June 7, 2003 of $542,199 to each of the two Noteholders.
The Noteholders and the Company are presently in negotiations to cure
this default.
(c) EXHIBITS.
99.1 Notice of Non-payment and Default dated May 27, 2003.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Tech Laboratories, Inc.
Date: June 11, 2003
By:/s/ Bernard M. Ciongoli
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Bernard M. Ciongoli, President