Wavedancer, Inc. Enters Material Definitive Agreement
Ticker: AIFF · Form: 8-K · Filed: Jun 13, 2024 · CIK: 803578
Sentiment: neutral
Topics: material-agreement
TL;DR
WAVEDANCER, INC. signed a big deal on June 10th, details to come.
AI Summary
On June 10, 2024, WAVEDANCER, INC. entered into a material definitive agreement. The filing does not provide specific details on the agreement, the other party involved, or any associated financial figures.
Why It Matters
This filing indicates a significant new contract or partnership for Wavedancer, Inc., which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its terms and potential impact.
Key Players & Entities
- WAVEDANCER, INC. (company) — Registrant
- June 10, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Wavedancer, Inc.?
The filing does not specify the nature of the material definitive agreement.
Who is the other party to the material definitive agreement?
The filing does not disclose the identity of the other party to the agreement.
What is the effective date of the material definitive agreement?
The earliest event reported is June 10, 2024, which is the date of the report.
Are there any financial terms or obligations associated with this agreement disclosed in the filing?
No financial terms or obligations related to the agreement are disclosed in this filing.
Does this filing provide any exhibits detailing the material definitive agreement?
The filing lists 'Financial Statements and Exhibits' but does not explicitly state if the agreement itself is included as an exhibit.
Filing Stats: 574 words · 2 min read · ~2 pages · Grade level 10.1 · Accepted 2024-06-13 12:39:16
Key Financial Figures
- $0.001 — ch registered Common Stock , par value $0.001 per share WAVD The Nasdaq Stock Mar
- $500,000 — e CIT, the amount due to the Lender was $500,000. In connection with such CIT, the matu
- $100,000 — owers making a principal curtailment of $100,000 and paying an extension fee of $2,500,
- $2,500 — $100,000 and paying an extension fee of $2,500, and making an additional $100,000 paym
- $4,000 — ent by June 28, 2024 plus an additional $4,000 extension fee. A copy of the CIT is fi
Filing Documents
- wavd20240611_8k.htm (8-K) — 26KB
- ex_686789.htm (EX-10.1) — 48KB
- summitlogo.jpg (GRAPHIC) — 5KB
- 0001437749-24-020167.txt ( ) — 221KB
- wavd-20240610.xsd (EX-101.SCH) — 3KB
- wavd-20240610_def.xml (EX-101.DEF) — 12KB
- wavd-20240610_lab.xml (EX-101.LAB) — 15KB
- wavd-20240610_pre.xml (EX-101.PRE) — 12KB
- wavd20240611_8k_htm.xml (XML) — 3KB
01
Item 1.01. Entry into a Material Definitive Agreement. On June 10, 2024, with an effective date of June 7, 2024, WaveDancer, Inc. and its wholly-owned subsidiary Tellenger, Inc. (collectively the "Borrowers") executed a Change of Terms ("CIT") to the Commercial Line of Credit Agreement and Note dated April 16, 2021, as amended on September 11, 2023 (the "LOC Agreement"), with Summit Community Bank, a division of Burke & Herbert Bank & Trust (the "Lender"). Through prior agreements with the Lender the LOC Agreement expired on May 16, 2024. Prior to the execution of the CIT, the amount due to the Lender was $500,000. In connection with such CIT, the maturity date was extended to July 16, 2024 in consideration of the Borrowers making a principal curtailment of $100,000 and paying an extension fee of $2,500, and making an additional $100,000 payment by June 28, 2024 plus an additional $4,000 extension fee. A copy of the CIT is filed as exhibit 10.1.
Financial Statements and Exhibits
Financial Statements and Exhibits Exhibit No. Description 10.1 Change of Terms to the Commercial Line of Credit Agreement and Note between Summit Community Bank, a division of Burke & Herbert Bank & Trust, and WaveDancer, Inc. and its wholly owned subsidiary, Tellenger, Inc., dated June 10, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. WAVEDANCER, INC. Date: June 13, 2024 By: /s/ G. James Benoit, Jr. G. James Benoit, Jr. Chief Executive Officer