Business Context and Reporting Period
This Form 8-K Current Report was filed by Xcyte Therapies, Inc. on November 12, 2004, reporting events occurring on November 10, 2004. The registrant is a Delaware corporation headquartered in Seattle, Washington. Note: The request metadata lists "Bio Green Med Solution, Inc.", but the filing text explicitly identifies the registrant as Xcyte Therapies, Inc.
Key Financial Metrics
- New Debt Obligation: $784,000 borrowed under an equipment financing arrangement.
- Interest Rate: 8.36% per annum.
- Repayment Terms: 42 equal monthly installments of principal and interest.
- Total Credit Facility Capacity: $3.0 million.
- Remaining Availability: $2.2 million as of the filing date.
- Facility Expiration: December 2005.
- Collateral: The promissory note is secured by the equipment acquired under the facility.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity beyond the specific credit facility details.
Material Changes
This filing represents the first drawdown under the Master Security Agreement dated July 1, 2003. Prior to November 10, 2004, no amounts had been borrowed under this specific Credit Facility.
Outlook, Risks, and Management Commentary
The Company has utilized a portion of its available financing to acquire equipment. The remaining $2.2 million in borrowing capacity is available until the facility expires in December 2005. The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard obligations of the debt instrument.
Investor Verification Checklist
- Verify the identity of the registrant (Xcyte Therapies, Inc.) against the metadata provided.
- Confirm the total outstanding debt on the balance sheet reflects the new $784,000 obligation.
- Review the Master Security Agreement dated July 1, 2003, for covenants or restrictions not detailed in this summary.
- Monitor the utilization of the remaining $2.2 million credit line prior to the December 2005 expiration.