e8vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ay0mbEJFTi2sKbNBnmikolx6D6NDsWb2urpHnFr8Z46hQVqo33W8dqv8YHAxH6Yu /8SjSLKJ9TRpAkG1vPjNag== 0000950144-02-012507.txt : 20021205 0000950144-02-012507.hdr.sgml : 20021205 20021205095930 ACCESSION NUMBER: 0000950144-02-012507 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021205 ITEM INFORMATION: Other events FILED AS OF DATE: 20021205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACTION PRODUCTS INTERNATIONAL INC CENTRAL INDEX KEY: 0000747435 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 592095427 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13118 FILM NUMBER: 02849291 BUSINESS ADDRESS: STREET 1: 344 CYPRESS RD CITY: OCALA STATE: FL ZIP: 34472-3108 BUSINESS PHONE: 3526872202 MAIL ADDRESS: STREET 1: 344 CYPRESS ROAD CITY: OCALA STATE: FL ZIP: 34472-3108 FORMER COMPANY: FORMER CONFORMED NAME: ACTION PACKETS INC DATE OF NAME CHANGE: 19880818 8-K 1 g79663e8vk.htm ACTION PRODUCTS INTERNATIONAL, INC. e8vk

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: December 5, 2002
(Date of earliest event reported)

________________________________

ACTION PRODUCTS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

________________________________


Florida (State or other jurisdiction of incorporation or organization)		000-13118 (Commission File Number)		59-2095427 (IRS Employer Identification No.)

390 N. ORANGE AVENUE, SUITE 2185
ORLANDO, FLORIDA 32801
(Address of principal executive offices, zip code)

(407) 481-8007
(Registrant’s telephone number, including area code)

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SIGNATURES

Item 5. Other Events.

As of March 22, 2001, the Company entered into an agreement with a financial institution to provide a revolving line of credit (the “Line”) for up to $2 million at the “Prime” lending rate. The borrowings under the Line are utilized by the Company to finance accounts receivable, inventory and other operating and capital requirements. The Line matures June 30, 2003 and contains covenants relating to the financial condition of the Company. As of June 30, 2002, the Company was non-compliant with one of the covenants related to current assets and liabilities. The Company had received a wavier of non-compliance on this issue through October 2002.

As of November 30, 2002 the Company is back in compliance with all covenants related to the line of credit. The receipt of approximately $900,000, pursuant to equity financing commitments of over $1.1 million from the Kaplan family, reestablished the Company’s compliance with the Line’s working capital covenant.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.

ACTION PRODUCTS INTERNATIONAL, INC.


Date: December 5, 2002		By: /s/Robert L. Burrows Robert L. Burrows Chief Financial Officer

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Table of Contents

Table of Contents


	As of March 22, 2001, the Company entered into an agreement with a financial institution to provide a revolving line of credit (the “Line”) for up to $2 million at the “Prime” lending rate. The borrowings under the Line are utilized by the Company to finance accounts receivable, inventory and other operating and capital requirements. The Line matures June 30, 2003 and contains covenants relating to the financial condition of the Company. As of June 30, 2002, the Company was non-compliant with one of the covenants related to current assets and liabilities. The Company had received a wavier of non-compliance on this issue through October 2002.

	As of November 30, 2002 the Company is back in compliance with all covenants related to the line of credit. The receipt of approximately $900,000, pursuant to equity financing commitments of over $1.1 million from the Kaplan family, reestablished the Company’s compliance with the Line’s working capital covenant.