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TKOI > SEC Filings for TKOI > Form 8-K on 10-Jun-2014All Recent SEC Filings

Show all filings for TELKONET INC



Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement.

On June 9, 2014, retroactively effective as of May 31, 2014, Telkonet, Inc. (the "Company") terminated its Business Financing Agreement, dated May 31, 2013 (a copy of which was filed as Exhibit 10.1 to the Company's 8-K filed on June 6, 2013) and amended August 1, 2013 with Bridge Bank N.A. (the "Agreement').

The Agreement provided for a revolving credit facility in a principal amount not to exceed $2,000,000, subject to a borrowing base equal to the sum of 80% of the Company's eligible accounts receivable and 25% of the eligible inventory. As previously disclosed, the Company was in violation of a financial performance covenant under the Agreement and, although the violation of the financial performance covenant constituted a default under the Agreement, Bridge Bank did not pursue any remedies under the default provisions of the Agreement prior to its termination.

As of May 31, 2014, there were no amounts outstanding under the revolving line of credit component of the Agreement. The Company did not incur any penalties as a result of the termination of the Agreement.

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