Item 1.01 Entry into a Material Definitive Agreement.<\/p>\n
On May 31, 2022, MobileSmith, Inc., a Delaware corporation (the \"Company\"),entered into a Fourth Amendment to Loan and Security Agreement (the \"FourthAmendment\") with Comerica Bank (\"Comerica\").<\/p>\n
As background, the Company and Comerica are parties to a Loan and SecurityAgreement dated June 9, 2014, as amended (the \"Loan Agreement\"), wherebyComerica agreed to loan the Company up to $5,000,000. Currently, there is$5,000,000 in principal outstanding under the Loan Agreement and the previouslyextended maturity date of the Loan Agreement was June 9, 2022.<\/p>\n
The Fourth Amendment to the Loan Agreement extends the previously extendedmaturity date of the Loan Agreement from June 9, 2022 to June 9, 2024.<\/p>\n
Except for extending the maturity date as described above, the Fourth Amendmentdoes not amend any other term of the Loan Agreement in any material respect.<\/p>\n
The foregoing description of the Fourth Amendment does not purport to becomplete and is qualified in its entirety by reference to the full text of theFourth Amendment, a copy of which is attached hereto as Exhibit 10.1 and isincorporated herein by reference.<\/p>\n
The original Loan Agreement is filed as Exhibit 10.1 to the Company's QuarterlyReport on Form 10-Q for the period ended June 30, 2014 filed with the Securitiesand Exchange Commission on August 13, 2014, a copy of which is attached heretoas Exhibit 10.2 and is incorporated herein by reference.<\/p>\n
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant.<\/p>\n
All information set forth in Item 1.01 of this Current Report on Form 8-K ishereby incorporated herein by referenced.<\/p>\n
Item 9.01 Financial Statements and Exhibits.<\/p>\n
Edgar Online, source Glimpses<\/p>\n
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See the article here: Item 1.01 Entry into a Material Definitive Agreement. On May 31, 2022, MobileSmith, Inc., a Delaware corporation (the \"Company\"),entered into a Fourth Amendment to Loan and Security Agreement (the \"FourthAmendment\") with Comerica Bank (\"Comerica\") Continue reading
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