EDUCATIONAL DEVELOPMENT CORPORATION (NASDAQ:EDUC) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement.
On May 12, 2020, Educational Development Corporation (the “Company”), repaid the loan with MidFirst Bank as the lender (“Lender”) in an aggregate principal amount of $1,447,400 (the “Loan”) which was originally taken to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Company issued a press release regarding the loan repayment, along with other recent developments.
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2020, the Company announced, via press release, significant net revenues increase in April 2020, along with significant increase in active consultants of UBAM division.
Item 7.01. Regulation FD Disclosure.
On May 12, 2020, Educational Development Corporation, announced via press release, the repayment of the loan along with other recent significant developments.
Item 9.01. Financial Statements and Exhibits.
(d) EXHIBITS
| Exhibit Number | Description |
| 99.1 | Press release dated as of dated May 12, 2020 |
EDUCATIONAL DEVELOPMENT CORP Exhibit
EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFilingEXHIBIT 99.1Educational Development Corporation Announces Recent Sales Growth and Repayment of Loan TULSA,…
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About EDUCATIONAL DEVELOPMENT CORPORATION (NASDAQ:EDUC)
Educational Development Corporation (EDC) is a publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (Usborne). The Company also owns Kane Miller Book Publishers. The Company sells books through two segments: Home Business Division (Usborne Books & More or UBAM) and Publishing Division (EDC Publishing). The UBAM Division distributes books nationwide through independent consultants, who hold book showings in individual homes, through social media, book fairs, direct sales and Internet sales. The Publishing Division markets books to bookstores (including national chains), toy stores, specialty stores, museums and other retail outlets throughout the country. The Company offers over 2,000 different titles, which include touchy-feely board books, activity and flashcards, adventure and search books, art books, sticker books and foreign language books.