Form 8-K for VAPORIN, INC.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance She
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantOn December 8, 2014, Emagine the Vape Stores, LLC, a Delaware limited liability company (“Emagine”) managed by Vaporin, Inc., a Delaware corporation (the “Company”), entered into a Secured Line of Credit Agreement (the “Agreement”), effective as of December 1, 2014, with one affiliated shareholder of the Company and two unaffiliated investors (the “Lenders”). Under the Agreement, the Lenders agreed to advance up to $3,000,000 in three equal tranches in exchange for secured promissory notes which mature on March 31, 2016, bear interest at 12% per annum, and are secured by a first lien on the assets of Emagine. The first tranche of funding under the Agreement was provided on December 1, 2014.
The funds will be used to purchase and/or open Vape Stores similar to those operated by the Company. Although no formal agreement has been executed, the Company has agreed that it and Vapor Corp. will each own 50% of Emagine. For further information, see the Form 8-K filed November 7, 2014 disclosing the proposed merger of the Company into Vapor Corp.
A form of the Agreement and a form of the Note are filed as exhibits under Item 9.01 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.(d) Exhibits.
Exhibit No. Exhibit 10.1 Form of Secured Line of Credit Agreement 10.2 Form of Secured Note
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | firstname.lastname@example.org
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