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GRDH > SEC Filings for GRDH > Form 8-K on 17-Jan-2014All Recent SEC Filings

Show all filings for GUARDIAN 8 HOLDINGS



Entry into a Material Definitive Agreement, Creation of a Direct Financial Ob

Item 1.01 Entry into a Material Definitive Agreement.

On January 17, 2014, Guardian 8 Corporation, the wholly owned operating subsidiary of the Registrant (the "Company"), entered into a revolving line of credit agreement (the "Credit Agreement") with Cornerstone Bank, N.A. The Credit Agreement provides for aggregate of up to $700,000 at any time outstanding pursuant to a revolving line of credit and matures on January 16, 2015. The Credit Agreement is secured by inventory, work in progress, accounts receivable and was personally guaranteed by the Registrant's chief executive officer, C. Stephen Cochennet. The proceeds from the Credit Agreement are anticipated to be utilized by the Company for inventory financing and other working capital needs.

Borrowings under the Credit Agreement bear interest at 6% per annum, with monthly interest only payments to be paid by the Company.

The Credit Agreement contains customary representations, warranties, covenants and events of default.

The foregoing summary of the Credit Agreement is only a brief description of certain terms and conditions, and does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the copy of the Credit Agreement that will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Such copy is incorporated herein by reference.

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

The disclosures of the material terms and conditions of the Credit Agreement set forth in Item 1.01 above are incorporated into this Item 2.03 by reference.

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