Post by Zoinkers on Jan 13, 2007 23:02:26 GMT -5
Form 8-K for SEAENA INC.
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27-Dec-2006
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
Effective December 12, 2006, Kevin Ryan advanced $1,096,443.13 to the registrant to enable it to pay off its loan from North Fork Bank. As a result of this loan payoff, North Fork Bank released a security interest in all of the assets of the registrant and the registrant's subsidiaries, patents and applications for patents of Lazer-Tek Designs (the registrant's wholly-owned subsidiary), and trademarks of Lazer-Tek Designs (the "Collateral"). In addition, the Bank released Marshall Butler and Kevin Ryan, officers, directors and principal shareholders of the registrant, from their personal guarantees for the repayment of the loan and pledges of certain securities they own as additional collateral.
The loan from Kevin Ryan is in the form of an additional advance on a promissory note dated May 31, 2006 in the amount of $882,500 that bears interest at 10% per annum (the "Ryan Note"). The Ryan Note, including the original balance and the additional advance, will be secured by a senior security interest in all of the registrant's assets.
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers
Effective December 13, 2006, Marshall Butler resigned as a director of the registrant. He did not resign because of a disagreement with the registrant.
Item 9.01 Financial Statements and Exhibits
Exhibits:
Regulation
S-B Number Document
10.1 Amended and Restated Promissory Note dated December 12, 2006 to
Kevin T. Ryan
10.2 Security Agreement for the benefit of Kevin T. Ryan dated December
12, 2006
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27-Dec-2006
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
Effective December 12, 2006, Kevin Ryan advanced $1,096,443.13 to the registrant to enable it to pay off its loan from North Fork Bank. As a result of this loan payoff, North Fork Bank released a security interest in all of the assets of the registrant and the registrant's subsidiaries, patents and applications for patents of Lazer-Tek Designs (the registrant's wholly-owned subsidiary), and trademarks of Lazer-Tek Designs (the "Collateral"). In addition, the Bank released Marshall Butler and Kevin Ryan, officers, directors and principal shareholders of the registrant, from their personal guarantees for the repayment of the loan and pledges of certain securities they own as additional collateral.
The loan from Kevin Ryan is in the form of an additional advance on a promissory note dated May 31, 2006 in the amount of $882,500 that bears interest at 10% per annum (the "Ryan Note"). The Ryan Note, including the original balance and the additional advance, will be secured by a senior security interest in all of the registrant's assets.
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers
Effective December 13, 2006, Marshall Butler resigned as a director of the registrant. He did not resign because of a disagreement with the registrant.
Item 9.01 Financial Statements and Exhibits
Exhibits:
Regulation
S-B Number Document
10.1 Amended and Restated Promissory Note dated December 12, 2006 to
Kevin T. Ryan
10.2 Security Agreement for the benefit of Kevin T. Ryan dated December
12, 2006