Attached files
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): June 5, 2013
SCIENTIFIC INDUSTRIES, INC.
_________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 000-6658 04-2217279
___________ ____________ __________________
(State or other (Commission (IRS Employer No.)
jurisdiction of File Number)
incorporation)
70 Orville Drive
Bohemia, New York 11716
__________________________________________________
(Address of principal executive offices)
(631) 567-4700
__________________________________________________
Registrant's telephone number, including area code
Not Applicable
__________________________________________________
(Former name or former address,
if changed since last report)
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 5, 2013, JPMorgan Chase Bank, N.A. (the "Bank") agreed
to extend the Companies $700,000 line of credit facility to
June 14, 2014 on the same terms except that the interest on
advances will be 3.05% per annum (a decrease from 3.08% per
annum) over the LIBOR Index, currently 3.24% per annum.
Advances are to be secured by a pledge of Collateral consisting
of the inventory, accounts, chattel paper, equipment and general
intangibles of the Company. Principal along with interest are
payable at maturity.
Maturity of principal and interest accelerate upon the occurrence
of an event of default. The events specified include failure to
pay outstanding obligations under the Note, a material adverse
change in the Company's financial condition or prospects and acts
of insolvency. During the period of default the interest rate
increase by 3% per annum.
The Company is required to reduce the outstanding principal balance
to zero during the 30 day period ending on the anniversary date of
the Note.
ITEM 9.01 Financial Statements and Exhibits
(a) and (b) not applicable
(c) Exhibits
Exhibit No. Exibit
___________ _____________________________
99.1 Business Loan Agreement (Filed as an Exhibit to
the current Report on Form 8-K, dated
June 14, 2011)
99.2 Additional Terms
99.3 Promissory Note
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.
SCIENTIFIC INDUSTRIES, INC.
(Registrant)
Date: June 5, 2013
By: /s/ Helena R. Santos
________________________
Helena R. Santos,
President and Chief Executive
Officer
