Item 2.04 Triggering Events that Accelerate or I
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Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Entry into a Material Definitive Agreement
On January 13, 2014, Cereplast, Inc. (the “Company”) received a Notice of Event of Default (the “Notice”) from Horizon Technology Finance, Inc. with respect to the Company’s Venture Loan and Security Agreement dated December 21, 2010. The Notice was triggered by events of defaults resulting from the inability of the Company to pay interests and principal pursuant to the terms of the Loan documents dated December 21, 2010. The Venture Loan & Security Agreement in the aggregate amount of $5,000,000 were originally issued on December 21, 2010. As of the date of this current report an aggregate amount of $2,800,000 of the Loan remain outstanding.
The Company is currently exploring options to cure the Default and protect the Assets of the Company.
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