Current Report Filing (8-k)
December 21 2018 - 6:02AM
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: December 6, 2018
KNOW LABS, INC.
(Exact name of Registrant as specified in
its charter)
|
Nevada
|
000-30262
|
90-0273142
|
|
(State of other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
500
Union Street, Suite 810
Seattle,
Washington 98101
(206)
903-1351
(Address of Registrant’s principal executive office and telephone number)
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))
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).
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 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Capital Source Business Finance Group
Know Labs, Inc. (the “Company”) finances its TransTech operations from operations and a Secured
Credit Facility with Capital Source Business Finance Group. On June 15, 2018, TransTech entered into a Fifth Modification to the
Loan and Security Agreement related to the $500,000 secured credit facility with Capital Source to fund its operations. The Modification
extended the maturity to December 12, 2018. The secured credit facility provides for a prime rate interest floor for prime interest
of 4.5% plus 2.5%. The eligible borrowing is based on 80% of eligible trade accounts receivable, not to exceed $500,000. The secured
credit facility is collateralized by the assets of TransTech, with a guarantee by Know Labs, including a security interest in all
assets of Know Labs. The remaining balance on the accounts receivable must be repaid by the time the secured credit facility expires
on December 12, 2018, unless we renew by automatic extension for the next successive term. TransTech has $24,000 available as of
September 30, 2018.
On December 6, 2018, Capital Source notified TransTech that the Loan and Security Agreement and Capital Source
Credit Facility would be cancelled as of March 12, 2019.
Effective December 12, 2018, TransTech entered into the Sixth Modification to the Loan and Security Agreement
which reduced the secured credit facility to $200,000.
The foregoing description of the transaction is qualified in its entirety by reference to the complete terms
and conditions of Sixth Modification to the Loan and Security Agreement, a copy of which are attached to this Current Report on
Form 8-K as Exhibit 10.1 and incorporated by reference into this Item 2.03.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits –
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.
Registrant: KNOW LABS, INC.
By:
/s/ Ronald P. Erickson
Ronald P. Erickson
Chairman of the Board
December 20, 2018
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