secwatch.observer — SEC 8-K summary
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Issuer:     Loop Media, Inc. (—)
CIK:        0001643988
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0001104659-24-042754
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/0001104659-24-042754-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1643988/000110465924042754/tm2410256d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-042754

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