Current Report Filing (8-k)
September 21 2017 - 5:08PM
Edgar (US Regulatory)
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): September 15, 2017
Monaker
Group, Inc.
(Exact
name of Registrant as specified in its charter)
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Nevada
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(State
or other jurisdiction of incorporation)
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000-52669
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26-3509845
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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2690
Weston Road, Suite 200
Weston,
Florida 33331
(Address
of principal executive offices zip code
)
(954)
888-9779
(
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):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging
growth company ☐
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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. ☐
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Item
1.01
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Entry
into a Material Definitive Agreement.
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Republic
Line of Credit
On
September 15, 2017, Monaker Group, Inc. (the “
Company
”, “
we
” and “
us
”),
entered into a replacement revolving line of credit agreement (the “
Line of Credit
”) with Republic Bank, Inc.
of Duluth, Minnesota (“
Republic
”), which replaced and superseded our prior line of credit with Republic originally
entered into in June 2016 and amended from time to time. The Line of Credit is in an amount of up to $1.2 million, which borrowed
amount is due and payable by us on September 15, 2018 (previously the amounts due under the line of credit were due on September
13, 2017). Amounts borrowed under the Line of Credit accrue interest at the Wall Street Journal U.S. Prime Rate plus 1% (updated
daily until maturity), payable monthly in arrears beginning on October 15, 2017. The loan contains standard and customary events
of default and no financial covenants. From June 16, 2016 through May 31, 2017, we have made draws of $1,193,000 under the line
of credit.
The
foregoing description of the Line of Credit, is not complete and is qualified in its entirety by reference to the full text thereof,
filed as
Exhibit 10.1
to this Current Report on Form 8-K, and is incorporated by reference in this
Item 1.01
.
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
regarding the Line of Credit is incorporated in this
Item 2.03
by reference.
Item 9.01
Financial
Statements and Exhibits.
(d)
Exhibits
Exhibit
Number
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Description
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10.1*
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Line
of Credit Agreement dated September 15, 2017 by and between Monaker Group, Inc. and Republic Bank, Inc.
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*
Filed herewith.
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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.
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MONAKER
GROUP, INC.
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Date:
September 21, 2017
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By:
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/s/
William Kerby
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Name:
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William
Kerby
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Title:
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Chief
Executive Officer
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EXHIBIT
INDEX
*
Filed herewith.