Business Context and Reporting Period
Company: Xcyte Therapies, Inc. (Note: Metadata listed "Bio Green Med Solution, Inc." but the filing text identifies Xcyte Therapies, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: September 24, 2004
Event: Creation of a direct financial obligation under an equipment financing arrangement.
Key Financial Metrics
- New Debt Obligation: $890,000 borrowed on September 24, 2004.
- Interest Rate: 7.91% per annum.
- Repayment Terms: 42 equal monthly installments of principal and interest.
- Total Credit Facility Capacity: $3.0 million.
- Remaining Availability: $2.1 million as of the filing date.
- Facility Expiration: July 2005 (unless renewed).
- Collateral: Related equipment acquired under the facility.
Revenue, profit, cash flow, and margin data are not provided in this filing.
Material Changes
This filing represents the first drawdown under the Company's existing Credit Facility with General Electric Capital Corporation. The execution of the promissory note increased the Company's outstanding debt by $890,000.
Outlook, Risks, and Management Commentary
- Facility Status: The Credit Facility is governed by a Master Security Agreement dated May 1, 2000, with amendments on May 1, 2000, and August 18, 2004.
- Liquidity: The Company retains $2.1 million in available borrowing capacity under the current agreement.
- Contingency: The facility expires in July 2005 unless renewed.
Investor Verification Checklist
- Verify the total outstanding debt balance of Xcyte Therapies, Inc. following this $890,000 drawdown.
- Confirm the specific equipment purchased with these funds and its expected impact on operations.
- Review the terms of the Master Security Agreement for any covenants or restrictions triggered by this borrowing.
- Monitor the Company's ability to renew the Credit Facility prior to its July 2005 expiration.