TECOGEN INC. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by TECOGEN INC. on December 28, 2018, regarding an event that occurred on December 27, 2018. The company is incorporated in Delaware and is headquartered in Waltham, Massachusetts.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, or total debt. The report focuses exclusively on a covenant waiver related to the fixed charge coverage ratio.
Material Changes and Events
- Covenant Waiver: On December 27, 2018, the company entered into Waiver No. 2 under its Credit Agreement dated May 4, 2018.
- Parties Involved: The agreement involves TECOGEN INC., American DG Energy Inc., and TTcogen LLC (collectively the "Borrowers") and Webster Business Credit Corporation (the "Lender").
- Specific Non-Compliance: The Lender waived the Borrowers' non-compliance with the fixed charge coverage ratio covenant for the period ended September 30, 2018.
- Timing: The non-compliance was calculated within sixty days following the September 30, 2018 period end, as required by the Credit Agreement.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of future risks beyond the immediate resolution of the covenant breach. No unusual items or contingencies other than the waived covenant are disclosed.
Investor Verification Checklist
- Verify the terms of the Credit Agreement dated May 4, 2018, to understand the specific fixed charge coverage ratio requirements.
- Review the company's financial statements for the period ended September 30, 2018, to assess the severity of the covenant breach.
- Confirm if there are any additional covenants at risk of non-compliance in subsequent periods.
- Check for any subsequent filings regarding further waivers or amendments to the Credit Agreement.