Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed in the Current Report on Form 8-K filed by
(the “Company”) on
“Credit Agreement”) pursuant to which the Lender made available to the Company a
non-revolving line of credit, up to an aggregate principal amount of
on the terms and conditions set forth in the Credit Agreement. The Lender is
wholly owned by an entity which is majority owned and controlled by
the Company’s Chairman of the Board of Directors.
the Lender. In addition,
30% of the shares of the Company’s common stock.
Credit and Security Agreement (“Amendment No. 1”) and an Amended and Restated
Non-Revolving Line of Credit Note (the “Amended Note”), pursuant to which the
non-revolving line of credit available to the Company from the Lender was
otherwise amend the terms of the Credit Agreement and related documents, a brief
description of which is set forth in the April Form 8-K and is incorporated into
this Item 1.01 by reference.
Credit Agreement, as amended.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosures included in Item 1.01 above, including regarding Amendment No. 1
and the Amended Note, and the transactions completed thereby, are incorporated
into this Item 2.03 by reference.
Item 8.01 Other Events.
resigned from such position in order to pursue other opportunities to
accommodate personal circumstances.
As discussed above, the Company has borrowed the maximum amount available under
the Credit Agreement. Since its inception, the Company has generated only
nominal revenue from customers and business activity and currently has very
limited cash on hand. The Company is endeavoring to raise additional capital
through debt or equity financing, but there is no assurance that additional
capital will be available on terms acceptable to the Company or will be
sufficient to enable the Company to complete its development activities or
sustain operations. If the Company is unable to raise sufficient additional
capital to sustain operations, then it will have to further extend payables,
reduce overhead, or scale back its current business plan until such additional
capital is raised, any of which could have a material adverse effect on the
Company. There is no assurance that such a plan will be successful. If the
Company is unable to raise sufficient additional capital to sustain operations,
then the Company will be required to pursue other alternatives which may include
selling assets, selling or merging its business, ceasing operations or filing a
petition for bankruptcy (either liquidation or reorganization) under applicable
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits 99.1 Amendment No. 1 to Credit and Security Agreement, dated
June 27, 2022, between Alfi, Inc.and Lee Aerospace, Inc.99.2 Amended and Restated Non-Revolving Line of Credit Note, dated June 27, 2022, made by Alfi, Inc.in favor of Lee Aerospace, Inc.
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL
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