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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): August 29, 2023
Loop Media, Inc.
(Exact Name of Registrant as Specified in Charter)
Nevada |
|
001-41508 |
|
47-3975872 |
(State or Other Jurisdiction |
|
(Commission |
|
(IRS Employer |
of Incorporation) |
|
File Number) |
|
Identification No.) |
2600 West Olive Avenue, Suite 54470
Burbank, CA |
|
91505 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code:
(213) 436-2100
N/A
(Former Name or Former Address, 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 (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)) |
Securities registered or to be registered pursuant to
Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
Common stock, $0.0001 par value per share |
|
LPTV |
|
The NYSE American, LLC |
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 1.01. | Entry into a Material
Definitive Agreement. |
Amendment Letter Agreement
As previously announced, effective May 31,
2023, Loop Media, Inc. (the “Company”) entered into a Secured Non-Revolving Line of Credit Loan Agreement with
Excel Family Partners, LLLP (“Excel”), an entity managed by Bruce Cassidy, chairman of the Company’s board
of directors (the “Excel Secured Line of Credit Agreement”), for principal amount of up to $2,200,000 (the
“Excel Secured Line of Credit”), evidenced by a Secured Non-Revolving Line of Credit Promissory Note, also effective
as of May 31, 2023 (the “Excel Note”). The Excel Secured Line of Credit matured ninety (90) days from the
date of the Excel Secured Line of Credit Agreement, or August 29, 2023, and accrues interest, payable semi-annually in arrears, at
a fixed rate of interest equal to ten and one-half percent (10.5%) per year.
Effective as of August 29, 2023, the Company
entered into a letter agreement (the “Amendment Letter Agreement”) with Excel to amend the Excel Secured Line of Credit
Agreement and the Excel Note to extend the maturity date of the Excel Secured Line of Credit from ninety (90) days to one hundred twenty
(120) days from the date of the Excel Secured Line of Credit Agreement, or September 28, 2023.
The description of the Amendment Letter Agreement
is a summary and is qualified in its entirety by reference to the full text of the Amendment Letter Agreement, which is incorporated by
reference herein. A copy of the Amendment Letter Agreement is included herein as Exhibit 10.1.
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 Amendment Letter Agreement is 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.
|
LOOP MEDIA, INC. |
|
|
|
Dated: September 5, 2023 |
By: |
/s/ Jon Niermann |
|
Name: |
Jon Niermann |
|
Title: |
Chief Executive Officer |
Exhibit 10.1
August 29, 2023
Loop Media, Inc.
2600 West Olive Ave., Suite 5470
Burbank, CA. 91505
ATTN: Jon Niermann, Chief Executive Officer
EMAIL: jon@loop.tv
RE: Extension of Maturity Date of that certain $2,200,000 Secured
Non-Revolving Line of Credit Loan Agreement dated as of May 31, 2023 (the “Agreement”) by and between Loop Media, Inc.
(the “Borrower”) and Excel Family Partners, LLLP (the “Lender”), and that certain $2,200,000 Secured Non-Revolving
Line of Credit Promissory Note dated as of May 31, 2023 (the “Note”), issued by the Borrower to the Lender. All capitalized
terms not defined herein shall have the meaning ascribed to them in the Agreement.
Dear Jon,
For good and valuable consideration, the sufficiency of which is hereby
acknowledged, this letter (the “Amendment Letter Agreement”), effective as of August 29, 2023 (the “Amendment
Effective Date”), serves as an agreement by the Lender to hereby extend the Maturity Date of each of the Agreement and the
Note by thirty (30) days to September 28, 2023.
Therefore:
| 1. | Extension of Maturity Date in the Agreement: |
Section I. “Definitions and Interpretation –
1.1 Terms Defined – ‘Line of Credit Maturity Date’” of the Agreement is hereby removed and replaced in
its entirety by the following:
“Line of Credit Maturity Date – One hundred twenty
(120) days from the Effective Date.”
| 2. | Extension of Maturity Date in the Note. |
The definition of “Maturity Date” in the Note
is hereby removed and replaced in its entirety by the following:
“For purposes of this Note, the maturity date
shall be one hundred twenty (120) days from the date of this Note (the “Maturity Date”).”
This Amendment Letter Agreement, together with
each of the Agreement and the Note, constitute the full and entire understanding and agreement between the Lender and the Borrower with
regard to the subject matter therein and herein. Except as amended by this Amendment Letter Agreement, the Agreement and the Note shall
remain unchanged and in full force and effect, and this Amendment Letter Agreement shall be governed by and subject to the terms of each
of the Agreement and the Note, as applicable and as amended hereby. In the event of any inconsistency between this Amendment Letter Agreement,
the Agreement and the Note, the provisions of this Amendment Letter Agreement will control.
[SIGNATURE PAGE FOLLOWS IMMEDIATELY AFTER THIS
PAGE]
|
Agreed as of the Effective Date: |
|
|
|
LENDER: |
|
|
|
EXCEL FAMILY PARTNERS, LLLP |
|
|
|
By: Fortress Holdings, LLC, its General Partner |
|
|
|
By: |
/s/ Bruce A. Cassidy, Sr. |
|
Name: |
Bruce A. Cassidy, Sr. |
|
Title: |
Manager |
|
|
|
Address: |
Excel Family Partners, LLLP |
|
|
103 Plaza Drive, Suite B |
|
|
St. Clairsville, Ohio 43950 |
|
Email: |
[OMITTED] |
Acknowledged and approved as of the Effective Date: |
|
|
|
BORROWER: |
|
|
|
LOOP MEDIA, INC., a Nevada corporation |
|
|
|
By: |
/s/ Jon Niermann |
|
|
Name: |
Jon Niermann |
|
|
Title: |
Chief Executive Officer |
|
|
{Signature Page to Amendment Letter Agreement}
v3.23.2
Cover
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Aug. 29, 2023 |
Cover [Abstract] |
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Document Period End Date |
Aug. 29, 2023
|
Entity File Number |
001-41508
|
Entity Registrant Name |
Loop Media, Inc.
|
Entity Central Index Key |
0001643988
|
Entity Tax Identification Number |
47-3975872
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
2600 West Olive Avenue
|
Entity Address, Address Line Two |
Suite 54470
|
Entity Address, City or Town |
Burbank
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
91505
|
City Area Code |
213
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Local Phone Number |
436-2100
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NYSE
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