$CRWG Form 8-K for CROWDGATHER, INC. 30-Jul-2015
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli
Item 1.01 Entry into a Material Definitive Agreement
On July 27, 2015 CrowdGather, Inc. (the "Company"
issued a Secured Promissory Note (the "Note" in the aggregate principal amount of $372,000 to with one investor (the "Investor" . The Note was issued on July 27, 2015 and bears an interest rate of 12% per annum due and payable 60 days from the date of issuance. The Note was issued in connection to a new security agreement with the Investor (the "Security Agreement" to secure the timely payment and performance in full of our obligations pursuant to the Note. The Company intends to use proceeds from the sale of the Note to extinguish certain convertible notes issued during the first calendar quarter of 2015.
The forgoing descriptions of the Note and Security Agreement are summaries of the material terms only and are qualified in their entirety by the complete text of the forms of the Note and Security Agreement attached as exhibits 10.1 and 10.2 respectively of this Current Report on Form 8-K.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
See the disclosures under Item 1.01 of this Current Report on Form 8-K.
Item 8.01 Other Events
On July 30, 2015 the Convertible Promissory Note issued to Typenex Co-Investment, LLC on March 2, 2015 was paid in full. A payment of $218,934 was made which included $168,000 principal, $7,147 interest, and $43,787 prepayment fee.
http://biz.yahoo.com/e/150730/crwg8-k.html
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli
Item 1.01 Entry into a Material Definitive Agreement
On July 27, 2015 CrowdGather, Inc. (the "Company"
issued a Secured Promissory Note (the "Note" in the aggregate principal amount of $372,000 to with one investor (the "Investor" . The Note was issued on July 27, 2015 and bears an interest rate of 12% per annum due and payable 60 days from the date of issuance. The Note was issued in connection to a new security agreement with the Investor (the "Security Agreement" to secure the timely payment and performance in full of our obligations pursuant to the Note. The Company intends to use proceeds from the sale of the Note to extinguish certain convertible notes issued during the first calendar quarter of 2015. The forgoing descriptions of the Note and Security Agreement are summaries of the material terms only and are qualified in their entirety by the complete text of the forms of the Note and Security Agreement attached as exhibits 10.1 and 10.2 respectively of this Current Report on Form 8-K.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
See the disclosures under Item 1.01 of this Current Report on Form 8-K.
Item 8.01 Other Events
On July 30, 2015 the Convertible Promissory Note issued to Typenex Co-Investment, LLC on March 2, 2015 was paid in full. A payment of $218,934 was made which included $168,000 principal, $7,147 interest, and $43,787 prepayment fee.
http://biz.yahoo.com/e/150730/crwg8-k.html
