Form 8-K for ATRINSIC, INC.
20-May-2015
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On May 15, 2015, Atrinsic, Inc., a Delaware corporation (the "Company") issued secured promissory notes (the "Secured Notes") in the principal amount of $50,000 to each of Iroquois Master Fund Ltd ("Iroquois") and Hudson Bay Master Fund Ltd. ("Hudson") (for an aggregate of $100,000), each an existing secured lender to the Company. The Secured Notes have a maturity date of July 31, 2015 and bear interest at the rate of 5.0% per annum, payable at maturity. The obligations of the Company under to the Secured Notes are secured by a first priority security interest in all of the personal property of the Company pursuant to a letter agreement, dated May 15, 2015, with each of Iroquois and Hudson, respectively (the "Letter Agreements"). The Letter Agreements amended the First Amended and Restated Security Agreement among the Company Iroquois and Hudson dated as of December 18, 2014, to include the Company's obligations under the Secured Notes. The proceeds of the Secured Notes will be utilized by the Company to fund its working capital needs.
The foregoing description of the Secured Notes and the Letter Agreements are qualified in their entirety by the full text of the Secured Notes and the Letter Agreements, which are filed as Exhibits 4.1, 4.2, 10.1 and 10.2, respectively, hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number Description of Exhibits
4.1 Secured Note, dated May 15, 2015, in the principal amount of $50,000,
bearing interest at the rate of 5.0% per annum issued by the Company
to Hudson.
4.2 Secured Note, dated May 15, 2015, in the principal amount of $50,000,
bearing interest at the rate of 5.0% per annum issued by the Company
to Iroquois.
10.1 Letter agreement, dated May 15, 2015, between the Company and Iroquois
amending the First Amended and Restated Security Agreement among the
Company Iroquois and Hudson dated as of December 18, 2014.
10.2 Letter agreement, dated May 15, 2015, between the Company and Hudson
amending the First Amended and Restated Security Agreement among the
Company Iroquois and Hudson dated as of December 18, 2014.
