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BCST > SEC Filings for BCST > Form 8-K on 8-Aug-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direct Fina

Item 1.01. Entry into a Material Definitive Agreement.

On August 6, 2013, Broadcast International, Inc. (the "Company") entered into an Amendment to the Note and Warrant Purchase and Security Agreement and Senior Secured Convertible Notes (the "Amendment") with nine individuals and six companies ("Holders"). The principal amount of the Senior Secured Convertible Notes aggregate $3,450,000 ("Senior Notes") and were originally due July 13, 2013. The Amendment extends the Maturity Date of the Senior Notes from July 13, 2013 to October 31, 2013.

On August 8, 2013, the Company entered into a Conversion Agreement with one of its directors to convert his rights under an Accounts Receivable Purchase Agreement with the Company into a convertible note. In that connection the individual had the right to receive $750,000 from the sale of accounts receivable and converted that right into a promissory note with a principal amount of $750,000 bearing interest at the rate of 12% per annum with all principal and accrued interest due and payable on October 31, 2013. The note is convertible into common stock of the Company at the rate of $.25 per share at the option of the note holder.

The foregoing summary of the Amendment is not necessarily complete and is qualified in its entirety by reference to the complete text of the amendment which is included as an exhibit to this Current Report on Form 8-K.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.

Information regarding the Company's obligations under the Amendment, as set forth in Item 1.01 above, is incorporated by reference in this Item 2.03.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits:

10.1- Amendment to Note and Warrant Purchase and Security Agreement and Senior Secured Convertible Promissory Notes. 10.2- Consent to Convert Accounts Receivable Agreement. 10.3- Senior Secured Convertible Promissory Note.

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