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Item 1.01. Entry into a Material Definitive Agreement.
On December 24, 2015, Artec Global Media, Inc. (the "Company") entered into a credit facility arrangement with a lender (the "Credit Facility"). The initial advance under Credit Facility was $150,000, with additional amounts to be funded at the lender's discretion. In connection with the Credit Facility, the Company agreed to pay certain fees to the lender and certain of its affiliates. In connection with the Credit Facility, the Company granted the lender a first priority security interest in all of the Company's assets. Additional details of the Credit Facility will be provided in the Company's next quarterly report on Form 10-Q.
On December 24, 2015, the Company entered into an equity facility arrangement with an investor (the "Equity Facility") pursuant to which the Company may cause the investor to purchase shares of the Company's common stock at certain prices, provided, however, that the investor is not obligated to purchase such shares until an S-1 Registration Statement covering the shares to be sold (the "S-1") is declared effective by the Securities and Exchange Commission. Notwithstanding the forgoing, on December 24, 2015, the investor advanced $100,000 to the Company under the Equity Facility, which amounts shall convert into shares of common stock after the S-1 is declared effective. Additional details of the Equity Facility will be provided in the S-1 to be filed by the Company.
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