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): March 24, 2010
Immediatek, Inc.
(Exact name of registrant as specified in its charter)
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| Nevada
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000-26073
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86-0881193 |
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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320 South Walton
Dallas, Texas
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75226 |
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(Zip Code) |
Registrant’s telephone number, including area code: (214) 363-8183
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 1 — Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
Demand Promissory Note
On March 24, 2010, Immediatek, Inc., or the Company, issued to Radical Holdings LP an Amended
and Restated Demand Promissory Note, in the principal amount of $772,500, bearing interest,
calculated on the basis of a 365-day year, at a rate per annum equal to three percent (3%) to
evidence a loan from Radical Holdings LP of $772,500. A copy of the Amended and Restated Demand
Promissory Note is filed as Exhibit 10.1 to this Current Report on Form 8-K.
The following is a summary of the material terms of the Amended and Restated Demand Promissory
Note:
Term. The Amended and Restated Demand Promissory Note must be repaid within 30 days of
receiving a demand for repayment or on March 23, 2012, whichever comes earlier.
Rate of Interest. The rate of interest is three percent per year.
Prepayment. The Amended and Restated Demand Promissory Note may be repaid in whole or in
part without premium or penalty at any time.
Radical Holdings LP owns 98% of the voting stock of the Company. Radical Management LLC, a
Texas limited liability company, is the sole general partner of Radical Holdings LP, a Texas
limited partnership. Mark Cuban is the President of Radical Management LLC. Mr. Cuban,
indirectly, wholly-owns Radical Management LLC and Radical Holdings LP.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement or a Registrant.
The Amended and Restated Demand Promissory Note described in Item 1.01 represents the creation
of a direct financial obligation. The description of the Amended and Restated Demand Promissory
Note contained in Item 1.01 is incorporated by reference into this Item 2.03.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
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