--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-24-050683" form_type: "8-K" ticker: null cik: "0001643988" company_name: "Loop Media, Inc." filed_at: "2024-04-24T23:59:59+00:00" generated_at: "2026-06-03T09:41:52.504034+00:00" event_type: "regulatory" sentiment: "negative" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Loop Media receives NYSE American deficiency notice; stockholders' deficit of $3.7M ## Summary - Received NYSE American deficiency letter on April 23, 2024, for non-compliance with continued listing standards (Sections 1003(a)(i)-(iii)) due to stockholders' deficit of $(3.7)M as of Dec 31, 2023. - Must submit plan of compliance by May 23, 2024, to regain compliance by October 23, 2025; stock to trade with '.BC' designation. - Also entered into second amendment to line of credit on April 18, 2024, extending maturity to Jan 13, 2025, with monthly principal payments of $110k plus interest. ## SEC filing metadata - accession: 0001104659-24-050683 - form_type: 8-K - cik: 0001643988 - company_name: Loop Media, Inc. - filed_at: 2024-04-24T23:59:59+00:00 - event_type: regulatory - sentiment: negative - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 1.01, 2.03, 3.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/0001104659-24-050683-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/tm2412156d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-24-050683 - JSON: https://secwatch.observer/filing/0001104659-24-050683.json - Plain text: https://secwatch.observer/filing/0001104659-24-050683.txt ## Key facts - Debt Financings Loop Media, Inc. amended credit facility of $2.2 million with several institutions and individuals as Lenders and RAT Investment Holdings, LP as Loan Administrator at 12% per year maturing January 13, 2025. - Instrument: credit facility - Principal: $2.2 million - Counterparty: several institutions and individuals as Lenders and RAT Investment Holdings, LP as Loan Administrator - Rate: 12% per year - Maturity: January 13, 2025 - Event: amendment source text: a “ Lender ” and collectively, the “ Lenders ”) and RAT Investment Holdings, LP, as administrator of the loan (the “ Loan Administrator ”) for aggregate loans of up to $2.2 million (the “ Line of Credit ”), evidenced by a Non-Revolving Line of Credit Promissory Note, as amended as described below (the “ Note ”), also effective as of May 13, 2022. The Line evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/0001104659-24-050683-index.htm - Listing & Compliance Notices Loop Media, Inc. received a nyse_american deficiency notice notice regarding stockholders equity (rules 1003(a)(i), 1003(a)(ii), 1003(a)(iii)). - Exchange: nyse american - Notice: deficiency notice - Deficiency: stockholders equity - Rules: 1003(a)(i), 1003(a)(ii), 1003(a)(iii) source text: losses from continuing operations and/or net losses in its five most recent fiscal years. The Deficiency Letter noted that the Company reported stockholders’ deficit of $(3.7) million as of December 31, 2023, and losses from continuing operations and/or net losses in its five most recent fiscal years ended September 30, 2023. The Deficiency Letter evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/0001104659-24-050683-index.htm - Material Agreements Loop Media, Inc. entered into Non-Revolving Line of Credit Loan Agreement with Lenders and RAT Investment Holdings, LP, as Loan Administrator valued at aggregate loans of up to $2.2 million (effective 2022-05-13). - Action: entry - Agreement: credit facility - Counterparty: Lenders and RAT Investment Holdings, LP, as Loan Administrator - Value: aggregate loans of up to $2.2 million - Effective: 2022-05-13 source text: effective as of May 13, 2022, Loop Media, Inc. (the “ Company ”) entered into a Non-Revolving Line of Credit Loan Agreement (the “ Loan Agreement ”) with several institutions and individuals (each individually a “ Lender ” and collectively, the “ Lenders ”) and RAT Investment Holdings, LP, as administrator of the loan (the “ Loan Administrator ”) for aggregate loans of up to $2.2 million (the “ Line of Credit ”) evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/0001104659-24-050683-index.htm - Material Agreements Loop Media, Inc. amended Non-Revolving Line of Credit Loan Agreement Amendment #2 with Lenders and RAT Investment Holdings, LP, as Loan Administrator valued at extended maturity to January 13, 2025; amended payment terms (effective 2024-04-18). - Action: amendment - Agreement: credit facility - Counterparty: Lenders and RAT Investment Holdings, LP, as Loan Administrator - Value: extended maturity to January 13, 2025; amended payment terms - Effective: 2024-04-18 source text: On April 18, 2024, the Company entered into a Non-Revolving Line of Credit Loan Agreement Amendment #2 (the “ Loan Agreement Amendment #2 ”) with the Lenders to: (i) extend the Original Line of Credit Maturity Date from eighteen (18) months to thirty-two (32) months from the date of the Loan Agreement, or January 13, 2025 (the “ Second Extended Line of Credit Maturity Date ”); and (ii) amend the payment terms of the Line of Credit such that payments of interest and principal under the Loan Agreement and the Note will be due and payable from April 13, 2024, to the Second Extended Line of Credit Maturity Date, as follows: (a) one payment of $121,000, comprised of accrued interest of $11,000 through April 13, 2024, and an initial payment of principal of $110,000, due on April 13, 2024; and (b) nine (9) monthly payments of principal of $110,000, plus accrued interest, commencing May 13, 2024. evidence_url: https://www.sec.gov/Archives/edgar/data/1643988/000110465924050683/0001104659-24-050683-index.htm This AI-assisted summary is a reading aid. 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