---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-042754"
form_type: "8-K"
ticker: null
cik: "0001643988"
company_name: "Loop Media, Inc."
filed_at: "2024-04-03T23:59:59+00:00"
generated_at: "2026-06-04T02:51:57.743857+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Loop Media obtains $1M secured line from chairman's entity, fully drawn at 12%, 180-day term

## Summary
- Entered secured non-revolving line of credit for $1,000,000, fully drawn on March 28, 2024.
- 12% fixed annual interest, maturity 180 days from closing; interest payable at maturity.
- Loan secured by all present and future assets; subordinated to existing GemCap account receivable facility.
- Must apply $500,000 from any future equity/debt raise ≥$5M to repay principal; balance due at maturity.
- Lender is Excel Family Partners, managed by executive chairman Bruce Cassidy – a related-party transaction.

## SEC filing metadata
- accession: 0001104659-24-042754
- form_type: 8-K
- cik: 0001643988
- company_name: Loop Media, Inc.
- filed_at: 2024-04-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/0001104659-24-042754-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/tm2410256d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-042754
- JSON: https://secwatch.observer/filing/0001104659-24-042754.json
- Plain text: https://secwatch.observer/filing/0001104659-24-042754.txt

## Key facts
- Debt Financings
  Loop Media, Inc. incurred term loan of $1,000,000 with Excel Family Partners, LLLP at 12% per year maturing one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement.
  - Instrument: term loan
  - Principal: $1,000,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: 12% per year
  - Maturity: one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement
  - Event: incurrence
  source text: Effective March 28, 2024, Loop Media, Inc. (the “ Company ”) entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (“ Excel ”), an entity managed by Bruce Cassidy, executive chairman of the Company’s board of directors (the “Excel Secured Line of Credit Agreement ”), for the principal amount of up to one million dollars ($1,000,000) (the “ Excel Line of Credit ”), evidenced by a Secured Non-Revolving Line of Credit Promissory Note, also effective as of March 28, 2024 (the “ Excel Note ”). The Excel Line of Credit has been fully drawn upon, matures one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement (the “ Maturity Date ”), and accrues interest, payable on the Maturity Date in arrears, at a fixed rate of interest equal to twelve percent (12%) per year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/0001104659-24-042754-index.htm
- Material Agreements
  Loop Media, Inc. entered into Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP valued at up to one million dollars ($1,000,000) (effective 2024-03-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Excel Family Partners, LLLP
  - Value: up to one million dollars ($1,000,000)
  - Effective: 2024-03-28
  source text: Effective March 28, 2024, Loop Media, Inc. (the “ Company ”) entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (“ Excel ”), an entity managed by Bruce Cassidy, executive chairman of the Company’s board of directors (the “Excel Secured Line of Credit Agreement ”), for the principal amount of up to one million dollars ($1,000,000) (the “ Excel Line of Credit ”), evidenced by a Secured Non-Revolving Line of Credit Promissory Note, also effective as of March 28, 2024 (the “ Excel Note ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/0001104659-24-042754-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.