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PWON > SEC Filings for PWON > Form 8-K on 29-Mar-2013All Recent SEC Filings

Show all filings for POWIN CORP

Form 8-K for POWIN CORP


29-Mar-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of Registrant

Effective March 11, 2013, the Company issued its Promissory Note to Joseph Lu (" Lu Note"), its Chief Executive Officer, in the principal amount of $ 2,000,000.00 in consideration of Mr. Lu advancing funds to pay off the outstanding balance on the Company's line of credit with Key Bank National Association, Portland, Oregon. The Lu Note bears interest at the rate of six percent (6%) per annum. The maturity date of the Lu Note is June 30, 2015.

Effective March 15, 2013, the Company issued its Promissory Note to 3U (HK) Trading Co. Limited ("3U (HK) Note") in the principal amount of $2,000,000.00 in consideration of a loan in that amount from 3U (HK) Trading Co. Limited. The 3U (HK) Note bears interest at the rate of six percent (6%) per annum. The maturity date of the 3U(HK) Note is June 30, 2015.

3U(HK) Trading Co. Limited is not an affiliated entity of the Company. The proceeds of the 3U(HK) Note will be used for general working capital purposes.



Item 9.01 Financial Statements and Exhibits

Exhibit No. Description

99.1        Promissory Note dated March 11, 2013
99.2        Promissory Note dated March 15, 2013



                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

POWIN CORPORATION

Dated: March 29, 2013 By: /s/ Joseph Lu
Chief Executive Officer


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