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NTSC > SEC Filings for NTSC > Form 8-K on 3-Jul-2013All Recent SEC Filings

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Other Events, Financial Statements and Exhibits

Item 8.01. Other Events.

On June 27, 2013 we voluntarily prepaid all amounts outstanding under our 5-year 15% subordinated note that was issued to Mill Road Capital, L.P. as part of a $14 million debt and equity financing that took place on June 27, 2011.

The subordinated note was issued in the original principal amount of $7 million and accrued interest at a rate of 10.0% per annum payable in cash on a quarterly basis. Additional interest accrued at a rate of 5.0% per annum, which amount was added automatically to the unpaid principal amount of the subordinated note on each date cash interest was payable.

In accordance with the terms of the subordinated note, we paid all principal and accrued and unpaid interest under the subordinated note, along with a prepayment premium of 5% of the amount prepaid.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Five year 15% subordinated note issued to Mill Road Capital, L.P. in connection with June 2011 financing (incorporated by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K filed on June 28, 2011).

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