Attached files
| file | filename |
|---|---|
| EX-10.1 - EX-10.1 - WESTERN CAPITAL RESOURCES, INC. | v171672_ex10-1.htm |
| EX-10.3 - EX-10.3 - WESTERN CAPITAL RESOURCES, INC. | v171672_ex10-3.htm |
| EX-10.2 - EX-10.2 - WESTERN CAPITAL RESOURCES, INC. | v171672_ex10-2.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
CURRENT
REPORT
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
report (date of earliest event reported): January 4,
2010
WESTERN
CAPITAL RESOURCES, INC.
(Exact
name of registrant as specified in its charter)
|
Minnesota
|
000-52015
|
47-0848102
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
11550 “I”
Street, Suite 150
Omaha,
Nebraska 68137
(Address
of principal executive offices) (Zip Code)
(712)
322-4020
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
1.01
|
Entry
Into a Material Definitive
Agreement.
|
On January 4, 2010, Wyoming Financial
Lenders, Inc., the wholly owned payday lending operating subsidiary of Western
Capital Resources, Inc., entered into an amended Business Loan Agreement and
associated Promissory Note with Banco Popular North America, relating to the
outstanding debt of Wyoming Financial Lenders in the amount of
$1,999,924. Western Capital Resources and Banco Popular also entered
into a new Commercial Pledge Agreement pursuant to which Western Capital
Resources pledged its share ownership in Wyoming Financial Lenders, Inc. and
substantially all of its other assets to Banco Popular as collateral security
for the obligations of Wyoming Financial Lenders under the amended Business Loan
Agreement and Promissory Note. The terms of the new Business Loan
Agreement and new Commercial Pledge Agreement are substantially identical to
those contained in the prior existing agreements.
In connection with the new agreements,
Wyoming Financial Lenders paid Banco Popular $216,046 in principal and interest
accrued through December 31, 2009. The payment terms under the new
Promissory Note require the company to make four monthly principal payments of
$52,776 from January 29, 2010 through April 29, 2010, followed by $175,000
principal payment on May 29, 2010 and a balloon payment of $1,508,895 on May 31,
2010. Under the new Promissory Note, interest will accrue on the
unpaid principal balance at the variable rate equal to (i) the one-month LIBOR
(as published by the British Banker’s Association) (currently 0.24% plus (ii) a
margin of 7.25%.
|
Item
8.01
|
Other
Events.
|
On January 13, 2010, Western Capital
Resources, Inc. executed a non-binding letter of intent with Blackstreet Capital
Management, LLC to sell substantially all of its assets, consisting primarily of
its ownership interest in Wyoming Financial Lenders, Inc. (the company’s
payday-lending business) and PQH Wireless, Inc. (the company’s Cricket wireless
retail business). Because of the non-binding nature of the letter of
intent, the customary due diligence period involved in transactions of this
nature, and the need to negotiate and approve any definitive acquisition
agreement, the Company cannot be certain that its businesses will ultimately be
purchased by Blackstreet Capital Management, LLC or any of its
affiliates.
|
Item
9.01
|
Financial
Statements and Exhibits.
|
(d) Exhibits.
|
Exhibit No.
|
Description
|
|
|
10.1
|
Business
Loan Agreement between Wyoming Financial Lenders, Inc. and Banco Popular
North America, dated effective as of October 30, 2009
|
|
|
10.2
|
Promissory
Note of Wyoming Financial Lenders, Inc. to Banco Popular North America,
dated effective as of October 30, 2009
|
|
|
10.3
|
Commercial
Pledge Agreement between Western Capital Resources, Inc. and Banco Popular
North America, dated effective as of October 30,
2009
|
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
WESTERN
CAPITAL RESOURCES, INC.:
(Registrant)
|
|||
|
Date: January
19, 2010
|
By:
|
/s/ John Quandahl | |
|
JOHN
QUANDAHL
|
|||
| Chief Executive Officer | |||
EXHIBIT
INDEX
|
Exhibit No.
|
Description
|
|
|
10.1
|
Business
Loan Agreement between Wyoming Financial Lenders, Inc. and Banco Popular
North America, dated effective as of October 30, 2009 (filed
herewith)
|
|
|
10.2
|
Promissory
Note of Wyoming Financial Lenders, Inc. to Banco Popular North America,
dated effective as of October 30, 2009 (filed
herewith)
|
|
|
10.3
|
Commercial
Pledge Agreement between Western Capital Resources, Inc. and Banco Popular
North America, dated effective as of October 30, 2009 (filed
herewith)
|