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STVI > SEC Filings for STVI > Form 8-K on 27-May-2014All Recent SEC Filings

Show all filings for SNAP INTERACTIVE, INC



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

Item 1.01 Entry into a Material Definitive Agreement.

On May 20, 2014, Snap Interactive, Inc. (the "Company") entered into a promissory note (the "Note") under which the Company borrowed $100,000 from Thomas Carella (the "Lender"). The Note is due and payable on the earlier of February 20, 2015 and an event of default, and bears interest at the rate of fifteen percent (15%) per annum. An event of default under the Note includes, among others events, (i) the failure to pay any amounts due and payable when and as required, (ii) failure or a representation or warranty to be correct and accurate when made, (iii) the institution of bankruptcy or similar proceedings against the Company, (iv) the Company's inability to pay debts as they become due and (v) any failure of the Note to continue to be in full force and effect.

On May 20, 2014, the Company also issued a warrant (the "Warrant") to purchase 25,000 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), to the Lender. The Warrant has an exercise price equal to $0.32 per share of Common Stock underlying the Warrant and, if unexercised, expires on May 20, 2019.

The foregoing descriptions of the Note and Warrant are qualified in their entirety by reference to the Note and Warrant, which the Company intends to file as exhibits to the Company's Quarterly Report on Form 10-Q for the period ending June 30, 2014.

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

The information set forth in Item 1.01 is hereby incorporated by reference into this Item 2.03.

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