Unassociated Document
__________________________________________________________________
United
States
Securities
and Exchange Commission
Washington,
D.C. 20549
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934.
|
June
19, 2008
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0-25053
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Date
of Report (Date of earliest event reported)
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|
Commission
File Number
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theglobe.com,
Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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14-1782422
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification Number)
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110
East Broward Boulevard, Suite 1400
Fort
Lauderdale, Florida 33301
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(Address
of Principal Executive Offices) (Zip Code)
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| |
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(954)
769-5900
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(Registrant's
telephone number, including area code)
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Preliminary
Note:
This
Report contains financial information and includes forward-looking statements
related to theglobe.com, inc. that involve risks and uncertainties, including,
but not limited to, the borrowing of funds under the Company’s Revolving Line of
Credit, as reported in this Report on Form 8-K. These
forward-looking statements are made in reliance on the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. For further information
about these and other factors that could affect theglobe.com's future results,
please see the Company's filings with the Securities and Exchange Commission,
including our annual report on Form 10-KSB for the fiscal year ended December
31, 2007 and our quarterly report on Form 10-Q for the fiscal quarter ended
March 31, 2008. Prospective investors are cautioned that forward-looking
statements are not guarantees of performance. Actual results may differ
materially and adversely from management expectations. Copies of these filings
are available online at http://www.sec.gov. Prospective investors are cautioned
that forward-looking statements are not guarantees of performance and actual
results may, and often do, differ adversely from these forward-looking
statements.
Item
8.01.
Other
Events.
$100,000
Loan
On
June
6, 2008 the Company and its subsidiaries, as guarantors, entered into a
Revolving Loan Agreement with Dancing Bear Investments, Inc. (“Dancing Bear”),
pursuant to which Dancing Bear may loan up to Five Hundred Thousand Dollars
($500,000) to the Company on a revolving basis (the “Credit Line”). In
connection with its entry into the Credit Line, the Company borrowed $100,000
from the Credit Line and filed a Current Report on Form 8-K on June 9, 2008
relating to the initial $100,000 loan. On June 19, 2008, the Company borrowed
an
additional $100,000 from the Credit Line (the “Loan”). Accordingly, as of June
19, 2008, the Company has borrowed a total of $200,000 from Dancing Bear. The
Company intends to use the proceeds from the Loan for general working capital.
The Company may from time to time request additional advances under the
Credit Line provided that the amount of outstanding principal shall never exceed
$500,000. All requests for additional advances are subject to approval by
Dancing Bear in their sole and absolute discretion. All amounts under the Credit
Line will become due and payable on the first anniversary date of the Credit
Line, or sooner upon the occurrence of an event of default under the loan
documentation. Dancing Bear is controlled by Michael Egan, our Chairman and
Chief Executive Officer. In connection with the Credit Line, the Company
executed and delivered a promissory note to Dancing Bear in the amount of
$500,000 bearing interest at ten percent (10%) per annum on the principal amount
then outstanding. The Company’s subsidiaries unconditionally guaranteed the
Credit Line by entering into an Unconditional Guaranty Agreement. All amounts
outstanding from time to time under the Credit Line are secured by lien on
all of the assets of the Company and its subsidiaries pursuant to a Security
Agreement with Dancing Bear.
Item
9.01. Financial
Statements and Exhibits
(a)(b)(c)
None
(d) Exhibits
| 10.1 |
Revolving
Loan Agreement dated as of June 6, 2008 by and between theglobe.com,
inc.
and Dancing Bear Investments, Inc.
(1)
|
| 10.2 |
$500,000
Promissory Note dated June 6, 2008
(1)
|
| 10.3 |
Unconditional
Guaranty Agreement dated June 6, 2008
(1)
|
| 10.4 |
Security
Agreement dated June 6, 2008 (1)
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_________________________
(1)
Incorporated by reference to the exhibits filed as part of our Current Report
on
Form 8-K dated June 6, 2008.
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.
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theglobe.com,
inc.
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| Date: June
24, 2008 |
By: |
/s/ Edward
A. Cespedes |
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Edward
A. Cespedes |
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President
|
EXHIBIT
INDEX
Exhibit
No. Document
Description
| 10.1 |
Revolving
Loan Agreement dated as of June 6, 2008 by and between theglobe.com,
inc.
and Dancing Bear Investments,
Inc.(1)
|
| 10.2 |
$500,000
Promissory Note dated June 6, 2008
(1)
|
| 10.3 |
Unconditional
Guaranty Agreement dated June 6, 2008
(1)
|
| 10.4 |
Security
Agreement dated June 6, 2008 (1)
|
_________________________
(1)
Incorporated by reference to the exhibits filed as part of our Current Report
on
Form 8-K dated June 6, 2008.