Beam Global Enters Material Definitive Agreement
Ticker: BEEM · Form: 8-K · Filed: Mar 28, 2024 · CIK: 1398805
| Field | Detail |
|---|---|
| Company | Beam Global (BEEM) |
| Form Type | 8-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $340,200, $352,107, $364,430.75, $377,185.82, $390,387.32 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: BEEM
TL;DR
Beam Global just signed a big deal on Feb 1st, creating a new financial obligation.
AI Summary
Beam Global entered into a material definitive agreement on February 1, 2024, which involved a direct financial obligation. The company, formerly known as Envision Solar International, Inc., is incorporated in Nevada and headquartered in San Diego, California.
Why It Matters
This filing indicates a significant new financial commitment or obligation for Beam Global, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.
Key Players & Entities
- Beam Global (company) — Registrant
- Envision Solar International, Inc. (company) — Former company name
- February 1, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- San Diego, California (location) — Business address
FAQ
What type of material definitive agreement did Beam Global enter into?
The filing states that Beam Global entered into a material definitive agreement that resulted in the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on February 1, 2024.
What was Beam Global's former company name?
Beam Global was formerly known as Envision Solar International, Inc.
In which state is Beam Global incorporated?
Beam Global is incorporated in Nevada.
What is the business address of Beam Global?
Beam Global's business address is 5660 Eastgate Drive, San Diego, CA 92121.
Filing Stats: 670 words · 3 min read · ~2 pages · Grade level 10.5 · Accepted 2024-03-28 13:52:35
Key Financial Figures
- $340,200 — ebruary 2024 at the annual rate of: (i) $340,200 for year 1; (ii) $352,107 for year 2; (
- $352,107 — rate of: (i) $340,200 for year 1; (ii) $352,107 for year 2; (iii) $364,430.75 for year
- $364,430.75 — year 1; (ii) $352,107 for year 2; (iii) $364,430.75 for year 3; (iv) $377,185.82 for year 4
- $377,185.82 — r 2; (iii) $364,430.75 for year 3; (iv) $377,185.82 for year 4; and (v) $390,387.32 for yea
- $390,387.32 — 3; (iv) $377,185.82 for year 4; and (v) $390,387.32 for year 5. In addition to the fixed re
Filing Documents
- beam_8k.htm (8-K) — 31KB
- beam_ex1001.htm (EX-10.1) — 307KB
- 0001683168-24-001808.txt ( ) — 625KB
- beem-20240201.xsd (EX-101.SCH) — 3KB
- beem-20240201_def.xml (EX-101.DEF) — 26KB
- beem-20240201_lab.xml (EX-101.LAB) — 36KB
- beem-20240201_pre.xml (EX-101.PRE) — 25KB
- beam_8k_htm.xml (XML) — 5KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On February 1, 2024, Beam Global, a Nevada corporation (the "Company"), entered into an Amended and Restated Lease Agreement with CRE South 25 th Associates LLC, a Delaware limited liability company (the "Landlord"), pursuant to which the Company has agreed to rent up to approximately 37,800 square feet of manufacturing and office space at 2600 South 25 th Avenue, Broadview, Illinois (the "Lease Agreement"). The Lease Agreement replaces in its entirety the Agreement of Lease dated April 27, 2020, as amended, pursuant to which the Landlord currently leases the property to the Company. The term of the lease commenced on February 1, 2024 and expires on January 31, 2029. Under the Lease Agreement, the Company is obligated to pay fixed rent commencing February 2024 at the annual rate of: (i) $340,200 for year 1; (ii) $352,107 for year 2; (iii) $364,430.75 for year 3; (iv) $377,185.82 for year 4; and (v) $390,387.32 for year 5. In addition to the fixed rent amounts, the Lease Agreement provides that the Company is responsible for additional payments, including a portion of certain utility expenses, taxes, insurance and operating costs. A copy of the Lease Agreement is attached hereto as Exhibit 10.1 and incorporated in Item 1.01 of this Current Report on Form 8-K by reference. The foregoing description of the Lease Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment.
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 above is incorporated by reference herein.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Amended and Restated Lease Agreement dated February 1, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAM GLOBAL Dated: March 28, 2024 By: /s/ Lisa A. Potok Name: Lisa A. Potok Title: Chief Financial Officer 3