United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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):
December
31, 2010
|
ISECURETRAC
CORP.
|
||
|
(Exact
name of registrant as specified in its charter)
|
||
|
Delaware
|
0-26455
|
|
|
(State
of Formation)
|
(Commission
File Number)
|
|
|
87-0347787
|
||
|
(IRS
Employer Identification Number)
|
||
|
5078
South 111th
Street
Omaha,
NE
|
68137
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
|
(402) 537-0022
|
||
|
(Registrants’
telephone number, including area code)
|
||
|
Not
applicable
|
||
|
(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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e(c))
Item
1.01. Entry into a Material Definitive Agreement.
On December 31,
2010, iSECUREtrac Corp. (the “Company”) entered into amendments of
its loan agreements with Crestpark LP, Inc. (the “Lender”) as
follows:
|
|
·
|
Revolving
Credit Commitment of $1,468,788 originally entered into on November 10,
2008 as subsequently amended. Maturity date of the Revolving
Credit agreement was extended from January 1, 2012 to January 1,
2015.
|
|
|
·
|
Equipment
Term Loan of $1,031,212 originally entered into on November 10, 2008 as
subsequently amended. The outstanding principal balance
on the Equipment Term Loan at December 31, 2010 of $818,000 was
capitalized into the new note payable under the Credit and Security
Agreement, as amended below and the Equipment Term Loan was
terminated.
|
|
|
·
|
Credit
and Security Agreement – the note payable of $11,877,475 under the Credit
and Security Agreement originally entered into on October 29, 2007 as
subsequently amended. The Company executed a new note payable in the
amount of $14,891,086 which represents the capitalization of the $818,000
principal balance outstanding on the Equipment Term Loan, described
above, plus all interest accrued through December 31, 2010 on
the $11,877,475 note payable. The new note payable bears
interest at 9.5%, compounded annually, and matures on January 1,
2015.
|
All other
terms of the Revolving Credit Agreement and Security and Credit Agreement remain
unchanged.
The
Lender is an affiliate of Mykonos 6420 LP (“Mykonos”). As the sole
holder of the Company’s Series C Preferred Stock, Mykonos has the right to elect
a majority of the Company’s Board of Directors. The terms of the loan
were approved by a Special Committee of the Board of Directors consisting solely
of disinterested directors.
The foregoing description of amendments
to the Revolving Credit Agreement and Credit and Security Agreement are not
intended to be complete and is qualified in its entirety by reference to the
amended Revolving Credit Commitment and Credit and Security Agreement, copies of
which will be filed by the Company with its Form 10-K for the year ended
December 31, 2010.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
See the information set forth under
Item 1.01 of this Report, all of which is incorporated by reference into this
Item 2.03.
2
SIGNATURES
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.
|
ISECURETRAC
CORP.
|
|||
|
By
|
/s/
Peter A. Michel
|
||
|
Peter
A. Michel
Chief
Executive Officer
|
|||
|
January
6, 2011
|
|||
3