Jones Soda Co. Enters Material Definitive Agreement

TL;DR

Jones Soda just signed a big deal, could be good or bad, need more info.

AI Summary

Jones Soda Co. entered into a Material Definitive Agreement on May 17, 2024, which also created a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The filing does not specify the nature of the agreement or the financial obligations involved.

Why It Matters

This filing indicates a significant new agreement or financial commitment for Jones Soda Co., which could impact its future operations and financial standing.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and financial obligation, but lacks specific details, creating uncertainty about the associated risks.

Key Players & Entities

• Jones Soda Co. (company) — Registrant
• May 17, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $2,000,000 — row a maximum aggregate amount of up to $2,000,000 (the "Maximum Amount"), subject to sati

Filing Documents

• jsda20240521_8k.htm (8-K) — 22KB
• 0001437749-24-018110.txt ( ) — 141KB
• jsda-20240517.xsd (EX-101.SCH) — 3KB
• jsda-20240517_def.xml (EX-101.DEF) — 10KB
• jsda-20240517_lab.xml (EX-101.LAB) — 14KB
• jsda-20240517_pre.xml (EX-101.PRE) — 10KB
• jsda20240521_8k_htm.xml (XML) — 2KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 17, 2024, Jones Soda Co. (the "Company") entered into a secured loan facility (the "Loan Facility") with Amerisource Funding Inc. (the "Lender"), pursuant to which the Company, through one of its wholly owned subsidiaries, Jones Soda Co. (USA) Inc. (the "Subsidiary"), may borrow a maximum aggregate amount of up to $2,000,000 (the "Maximum Amount"), subject to satisfaction of certain conditions. All present and future obligations of the Subsidiaries arising under the Loan Facility are secured by a first priority security interest in all of the assets of the Company, the Subsidiary and the Company's other United States subsidiaries, and proceeds thereof, including accounts receivable, inventory and equipment, and are guaranteed by the Company and each of its Subsidiaries. The Loan Facility provides that, from time to time, the Subsidiary may request advances equal to 80% of the Subsidiary's eligible accounts receivable (minus any reserve amount established by the Lender and other reductions as defined by ineligible accounts receivable amounts). Annual interest on unpaid advances under the Loan Facility is equal to the Prime Rate plus 3.50%, but may not be less than 6.00%. The Loan Facility has an initial term of three years, which automatically will be extended for successive three-year terms unless the Subsidiary gives at least 60 days' prior written notice of its intent to terminate to the Loan Facility at the end of the then current term. The Loan Facility contains events of default that include, among other things, default by the Subsidiary on any payment or other obligations under the Loan Facility, default by the Subsidiary or the Company on any other indebtedness for borrowed funds, adverse changes in the Subsidiaries' financial condition or operations, bankruptcy or insolvency, a change of control of the Subsidiaries, default by the Company on its obligations as guarantor, and the loss of service

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. JONES SODA CO. (Registrant) May 23, 2024 By: /s/ David Knight David Knight President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR