Free
Message: Question Re: 8-K

Question Re: 8-K

posted on Mar 27, 2009 06:10AM

Is the $300,00 in section 1.01 the same $300,000 mentioned in section 2.03 or are they $600,00 in total? Section 2.03 says "as described above" meaning as described in section 1.01?


Item 1.01. Entry Into a Material Definitive Agreement.

Retirement of Purchase Order Financing
On March 23, 2009 e.Digital Corporation (the "Company") paid and retired a short-term working capital financing arrangement originally funded in March 2007 and due, as amended, on June 23, 2009, by paying the $300,000 remaining outstanding principal amount pursuant to the related secured promissory note. Mr. Eric M. Polis, a director of the Company since October 2008, is Secretary, Treasurer and a director of the lender, ASI Technology Corporation ("ASI").

This retirement also terminates the related security agreement that provided the lender a security interest in substantially all the Company's assets.

Retirement of Promissory Note
On March 23, 2009 the Company also retired an unsecured $40,000 promissory note due April 3, 2009.


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Retirement of Secured Promissory Note
The Company retired a short-term secured promissory note, as amended, in the principal amount of $300,000 as described above. A description of the material terms of the retired obligation, as amended, are described above and in Form 8-K filed on January 4, 2008 and Form 8-K filed on January 6, 2009.




Share
New Message
Please login to post a reply