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KNBA > SEC Filings for KNBA > Form 8-K on 1-Jul-2013All Recent SEC Filings

Show all filings for KINBASHA GAMING INTERNATIONAL, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for KINBASHA GAMING INTERNATIONAL, INC.


1-Jul-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On April 22, 2013, we loaned $394,000 to Shinestar K.K., an entity wholly owned by Satoshi Okamura, our Chief Operating Officer and one of our directors. The loan bears interest at the rate of 3% per annum, is due and payable on March 31, 2014, may be prepaid at any time without penalty, and is guaranteed by Mr. Okamura. The proceeds of the loan had to be used only to pay costs and expenses in connection with the construction and opening of a convenience store across the road from our pachinko parlor in the city of Mito in the Ibaraki prefecture.

We believe that having convenience stores in or near our pachinko parlors may attract more customers because of the added convenience of a wider food selection, alcoholic beverages and automated teller machines. However, when we approached a well-known national convenience store franchisor in Japan about opening a convenience store near this parlor, the franchisor advised us that while it would place a store there we could not have an ownership interest in the store due to the difficulty we might have in obtaining the necessary operating licenses as a result of our financial condition. As a result, we asked Mr. Okamura if he would build and operate the store, and he agreed and formed Shinestar K.K. for this purpose. The store opened in April 2013. Before opening, Shinestar needed to pay the contractor and franchisor for the build out and initial opening expenses, including the franchise fee. Shinestar had applied for but not obtained a bank loan to fund these expenses. Shinestar approached us for a short-term loan, which we made because it had undertaken to build and open the store at our request and the store would benefit our Mito parlor.

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