Educational Development Corp Files 8-K
Ticker: EDUC · Form: 8-K · Filed: Mar 12, 2024 · CIK: 31667
Sentiment: neutral
Topics: material-agreement, 8-k
TL;DR
EDC filed an 8-K on March 12th for a material agreement from March 6th.
AI Summary
Educational Development Corporation filed an 8-K on March 12, 2024, reporting a material definitive agreement entered into on March 6, 2024. The filing also includes financial statements and exhibits. The company, formerly known as Tutor Tapes International Corp, is incorporated in Delaware and based in Tulsa, Oklahoma.
Why It Matters
This 8-K filing indicates a significant event or agreement for Educational Development Corporation, requiring disclosure to investors.
Risk Assessment
Risk Level: low — This filing is a standard 8-K for a material definitive agreement and does not inherently signal significant risk.
Key Numbers
- 000-04957 — SEC File Number (Identifier for the company's filings)
- 73-0750007 — IRS Employer Identification No. (Tax identification number)
Key Players & Entities
- EDUCATIONAL DEVELOPMENT CORP (company) — Registrant
- TUTOR TAPES INTERNATIONAL CORP (company) — Former Company Name
- INTERNATIONAL TEACHING TAPES INC (company) — Former Company Name
- March 12, 2024 (date) — Filing Date
- March 6, 2024 (date) — Date of Earliest Event Reported
FAQ
What type of material definitive agreement was entered into by Educational Development Corporation on March 6, 2024?
The filing does not specify the nature of the material definitive agreement, only that one was entered into on March 6, 2024.
When was Educational Development Corporation incorporated?
Educational Development Corporation was incorporated in Delaware.
What is the principal executive office address for Educational Development Corporation?
The principal executive offices are located at 5402 S 122nd East Avenue, Tulsa, Oklahoma 74146.
What was Educational Development Corporation formerly known as?
Educational Development Corporation was formerly known as Tutor Tapes International Corp and International Teaching Tapes Inc.
What is the fiscal year end for Educational Development Corporation?
The fiscal year end for Educational Development Corporation is February 28.
Filing Stats: 685 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-03-12 16:09:16
Key Financial Figures
- $37,750,000 — ti Complex per the executed LOI totaled $37,750,000. The proceeds from the sale will be uti
- $8.72 — ears and the initial lease rate will be $8.72 per square foot, with 2% annual escalat
Filing Documents
- edc20240312_8k.htm (8-K) — 24KB
- ex_638107.htm (EX-99.1) — 8KB
- 0001185185-24-000229.txt ( ) — 169KB
- educ-20240306.xsd (EX-101.SCH) — 3KB
- educ-20240306_def.xml (EX-101.DEF) — 10KB
- educ-20240306_lab.xml (EX-101.LAB) — 19KB
- educ-20240306_pre.xml (EX-101.PRE) — 11KB
- edc20240312_8k_htm.xml (XML) — 3KB
01 ENTRY INTO A MATERIAL AGREEMENT
ITEM 1.01 ENTRY INTO A MATERIAL AGREEMENT Effective March 6, 2024, Educational Development Corporation ("EDC", the "Company" or "Seller") entered into a Letter of Intent with Blue Ledge Group ("Buyer") to execute a Purchase and Sale Agreement for the Company's headquarters and distribution warehouse located at 5400-5402 South 122 nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex"). The agreed upon sale price of the Hilti Complex per the executed LOI totaled $37,750,000. The proceeds from the sale will be utilized to pay off the Term Loans and Revolving Loan outstanding in the Credit Agreement with the Company's Bank. At closing, EDC will assign the existing third-party tenant lease to the Buyer and will execute a separate Triple-Net Lease (the "Lease") for its occupied space in the Hilti Complex. The LOI does not include the excess land parcel , consisting of approximately 16.75 acres of undeveloped land adjacent to the Hilti Complex, which will remain under the ownership of EDC. The terms of the lease will be 10 years and the initial lease rate will be $8.72 per square foot, with 2% annual escalations beginning in year six of the lease. The Lease will also include triple-net terms, where the Seller will be responsible for utilities, insurance, property taxes, and regular maintenance, excluding roof and structural maintenance, which will be the Buyer's responsibility. Additionally, the Seller will retain the rights to sublease any available unused space in the building during the lease term. The Lease will also encompass other standard terms that are customary in the local market. The foregoing descriptions are a summary of the material terms of the Letter of Intent and are not complete. These descriptions are qualified in all respects subject to the actual provisions of the Sale Agreement and Lease with the Buyer.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) EXHIBITS Exhibit Number Description 99.1 Press Release dated March 12, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL) SIGNATURE Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Educational Development Corporation By: /s/ Craig M. White Craig M. White President and Chief Executive Officer Date: March 12, 2024