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| FSN > SEC Filings for FSN > Form 8-K on 31-Oct-2008 | All Recent SEC Filings |
31-Oct-2008
Creation of a Direct Financial Obligation or an Oblig
On October 31, 2008, Fusion Telecommunications International, Inc., (the "Company) and a lender agreed to amend ("Amendment") a promissory note originally dated October 22, 2008 (the "Old Note") evidencing $150,000 borrowed from the lender, who is an entity and a shareholder of the Company. Under the note, as amended, the interest on the outstanding principal balance from October 22, 2008 through the maturity date of December 31, 2008 shall be paid at the rate of 10% percent per annum. If this note as amended is not paid by the maturity date, the note will automatically convert to a demand note and the lender has the right to demand payment of all outstanding principal and accrued interest with ten (10) days notice. This Amendment, as well as the original note, grants the lender a collateralized security interest, pari passu with other lenders, in the Company's accounts receivable. The proceeds will be for general working capital purposes. . The form of promissory note issued in this transaction is incorporated by reference and filed as an exhibit to this report.
On October 24, 2008, the Fusion Telecommunications International, Inc., (the "Company) borrowed $500,000 from a non-related individual. The loan is evidenced by a promissory note providing for repayment of the outstanding principal balance on its maturity date of February 24, 2009, plus interest at the rate of ten percent (10%) per annum. If the note is not paid by the maturity date, the note will automatically convert to a demand note and the lender has the right to demand payment of all outstanding principal and accrued interest with ten (10) days notice. The note also grants the lender a collateralized security interest, pari passu with other lenders, in the Company's accounts receivable. The proceeds are being used for general working capital purposes. The form of promissory note issued in this transaction is incorporated by reference and filed as an exhibit to this report.
On October 27, 2008, Dennis Mehiel resigned as a Director of the Company to pursue other interests. The resignation was not the result of any disagreement with the Company relating to the Company's operations, policies, or practices.
(d) Exhibits
10.1 Form of Amended and Restated Promissory Note and Security Agreement
99.2 Form of Promissory Note and Security Agreement (incorporated by reference to Exhibit 10.5 to the Registrant's Form 8 -K filed with the Securities Exchange Commission on October 6, 2008)
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