Stereotaxis, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Stereotaxis, Inc. on November 9, 2004, covering events occurring on November 3, 2004. The company is incorporated in Delaware and maintains its principal executive offices in St. Louis, Missouri.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin data. Regarding debt and liquidity:
- Debt Facility: The company maintains a revolving line of credit with Silicon Valley Bank for working capital.
- Outstanding Balance: There are no loans currently outstanding under this revolving line of credit.
- Covenant Adjustment: The minimum tangible net worth requirement was reduced from $50 million to $30 million as of the end of each calendar month.
Material Changes
The primary material change reported is the execution of a First Loan Modification Agreement with Silicon Valley Bank. This agreement modifies the existing loan and security agreement to lower the minimum tangible net worth covenant threshold, providing the company with greater financial flexibility.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of new risks or contingencies beyond the modification of the existing credit facility terms. The document focuses solely on the legal amendment to the debt agreement.
Key Facts for Investor Verification
- Verify the current status of the revolving line of credit and whether any draws have occurred since November 3, 2004.
- Confirm the company's tangible net worth position relative to the new $30 million covenant requirement.
- Review the full text of the First Loan Modification Agreement (Exhibit 10.1) for any other modified terms not summarized in the 8-K.