This is an absolute crime that the Company is going to pay Berkshire and Fiore 500k. So in July SPYR has to fork over $500k IT DOESNT HAVE...LMFAO. BERKSHIRE HAS A FIRST LIEN ON ALL ASSETS....CAN YOU SAY, SCREW THE COMMON SHAREHOLDER????
Item 1.01 Entry into a Material Definitive Agreement.
(a)(1) On February 21, 2019, the Registrant amended a material definitive agreement not made in the ordinary course of its business, originally entered into on September 5, 2017, as disclosed on Form 8-K on September 6, 2017. The Parties to the agreement are the Registrant and Berkshire Capital Management Co., Inc., a corporation formed and operating under the laws of the State of Delaware (“Berkshire”). A material relationship exists between the Registrant and Berkshire, since Mr. Joseph Fiore, an officer and director of Berkshire, is a significant shareholder in the Registrant.
(a)(2) Pursuant to a Revolving Credit Loan Agreement and a Revolving Credit Master Note (“Agreement”) between the Registrant and Berkshire, Berkshire agreed to establish a revolving credit facility in favor of the Registrant in the maximum amount of five hundred thousand dollars ($500,000.00), with interest on amounts due calculated at 6% per annum. A first amendment to the Agreement was entered into on November 27, 2017, providing for an additional five hundred thousand dollars ($500,000.00). The Agreement was amended a second time to extend the repayment date to February 19, 2018. On February 21, 2019, the Parties amended the Agreement extending the date to repay the outstanding principal and interest to July 1, 2019. As security for funds lent to the Registrant, the Registrant agreed to a security agreement providing Berkshire with a first lien on the Registrant’s assets, and those of the Registrant’s wholly owned subsidiary, SPYR APPS, LLC.
