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GROV > SEC Filings for GROV > Form 8-K on 23-Aug-2013All Recent SEC Filings

Show all filings for GROVEWARE TECHNOLOGIES LTD. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GROVEWARE TECHNOLOGIES LTD.


23-Aug-2013

Triggering Events That Accelerate or Increase a Direct Financial Obli


Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement.

On February 13, 2013 and July 8, 2013, we entered into Securities Purchase Agreements with Asher Enterprises, Inc. ("Asher"), pursuant to which Asher advanced us $80,000 under 8% Convertible Promissory Notes (the "Notes").

Pursuant to the terms of the Notes, it is an event of default if we fail to file quarterly or annual reports pursuant to the filing requirements of the Securities Exchange Act of 1934, as amended. We were unable to timely file our Quarterly Report on Form 10-Q for the six month period ended June 30, 2013. Subsequently, we received a notice of default from Asher on August 20, 2013, demanding that we immediately pay $120,000 (the "Default Amount"), represented by 150% of the then outstanding principal balance of the Notes plus default interest.

If we fail to pay the Default Amount within 5 business days, Asher may, among other remedies, convert the Default Amount into shares of our common stock as provided under the terms of the Notes.

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