0001078782-15-001660.txt : 20151019 0001078782-15-001660.hdr.sgml : 20151019 20151019161359 ACCESSION NUMBER: 0001078782-15-001660 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151016 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151019 DATE AS OF CHANGE: 20151019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOFTECH INC CENTRAL INDEX KEY: 0000354260 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 042453033 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10665 FILM NUMBER: 151164382 BUSINESS ADDRESS: STREET 1: 650 SUFFOLK STREET STREET 2: SUITE 415 CITY: LOWELL STATE: MA ZIP: 01851 BUSINESS PHONE: 978-513-2700 MAIL ADDRESS: STREET 1: 650 SUFFOLK STREET STREET 2: SUITE 415 CITY: LOWELL STATE: MA ZIP: 01851 8-K 1 f8k101915_8k.htm FORM 8-K CURRENT REPORT Form 8-K Current Report


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K


CURRENT REPORT


PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): October 16, 2015


 

SOFTECH, INC.

(Exact name of the Registrant as specified in its charter)


 

 

 

 

 

Massachusetts

 

0-10665

 

04-2453033

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S Employer

Identification No.)


 

650 Suffolk Street, Suite 415, Lowell, MA 01851

(Address of principal executive offices and zip code)


 

Telephone (978) 513-2700

(Registrant’s telephone number, including area code)


 

Not Applicable

(Former name or former address, if changed since last report)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


      .  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


      .  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


      .  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


      .  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 1.01

Entry into Material Definitive Agreements.


On October 16, 2015, SofTech, Inc. (“SofTech”) entered into an agreement with EssigPR, Inc. (“EssigPR”) a Puerto Rico corporation to amend its existing $300,000 short term debt agreement (the “Short Term Note”) to extend the due date by three months from October 10, 2015 to January 10, 2016 and increase the principal due on the Short Term Note from $300,000 to $700,000. The Short Term Note increase was funded in three installments: 8/5/15: $200,000; 9/2/15: $100,000; and 9/17/15: $100,000.  The interest rate on the Short Term Note is 9.5%, payable quarterly in arrears and can be repaid at any time without penalty.


Item 9.01

Financial Statements and Exhibits.


(d) Exhibits.


 

 

 

Exhibit No.

 

Description

 

 

 

10.22

 

Amendment No. 3 to Term Note

 

 

 

 

 

 











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.



SOFTECH, INC.


Date: October 16, 2015



By: /s/ Joseph P. Mullaney

Joseph P. Mullaney

President & Chief Executive Officer












Exhibit Index


 

 

 

 

 

 

Exhibit No.

 

Description

 

 

 

10.22

 

Amendment No. 3 to Term Note

 

 

 

 

 

 
















 EX-10.22 2 f8k101915_ex10z22.htm EXHIBIT 10.22 AMENDMENT TO TERM NOTE Exhibit 10.22 Amendment to Term Note


AMENDMENT No. 3 TO TERM NOTE


This Amendment to the Term Note (“Amendment No. 3”) is dated October 16, 2015 by and among SofTech, Inc., a Massachusetts corporation with offices at 650 Suffolk Street, Suite 415, Lowell, MA 01854 (the “Borrower”) and EssigPR, Inc., a Puerto Rico corporation and Joe Daly (the “Lender”).


WHEREAS, the Borrower and Lender are parties to that certain Term Note dated October 1, 2014 which was amended through an agreement dated April 2, 2015 (“Amendment”) and on July 15, 2015 (“Amendment No. 2”);


WHEREAS, additional principal totaling $400,000 was advanced by Lender to Borrower in three installments as follows: 8/5/15: $200,000; 9/2/15: $100,000; and 9/17/15: $100,000; and


WHEREAS, the Term Note, as amended, is due and payable in full on October 10, 2015; and


WHEREAS, the Borrower and Lender have agreed to extend the due date an additional three months to January 10, 2016 or such earlier time as may be mutually agreed between the parties.


NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties agree as follows:

 

1.

Principal Due. Section 1. entitled “Promise to Pay.” of the Term Note, as amended, shall be amended by changing the principal amount due under the Term Note from $300,000 to $700,000 to reflect the additional advances of $400,000 received in three installments as detailed above.

  

2.

Term. Section 6. entitled “Term.” of the Term Note, as amended, shall be amended by changing the due date from October 10, 2015 to January 10, 2016.


All other terms and conditions detailed in the Term Note, as amended, shall remain unchanged.


BORROWER

 

LENDER

SofTech, Inc.

 

EssigPR, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Joseph P. Mullaney

 

By:

/S/ Joseph P. Daly

 

 

 

 

 

Its:

CEO    

 

Its:

CEO

 

 

 

 

 

Date:

October 16, 2015

 

Date:

October 16, 2015