Monaker Group, Inc. (OTCMKTS:MKGI) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 9.01
As previously reported by Monaker Group, Inc. (the “Company”, “we” and “us”) in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on February 5, 2019, on February 4, 2019, the Company entered into a Promissory Note in the amount of up to $700,000 (the “Note”), with the Donald P. Monaco Insurance Trust, of which Donald P. Monaco is the trustee and the Chairman of the Board of Directors of the Company (the “Monaco Trust”) and on the same date borrowed $150,000 under the Note.
The Company also previously reported in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on February 15, 2019, that on February 14, 2019, the Company borrowed $200,000 from the Monaco Trust under the Note.
On March 27, 2019, the Company borrowed an additional $250,000 from the Monaco Trust under the Note.
The amounts borrowed under the Note accrue interest at the rate of 12% per annum (18% upon the occurrence of an event of default) and are due and payable on February 1, 2020, provided that the note may be prepaid at any time without penalty. The Note contains standard and customary events of default.
The remaining balance of the Note ($100,000) can be accessed by the Company at any time prior to the maturity date of the Note, with the approval of the Monaco Trust.
The foregoing description of the Note is not complete and is qualified in its entirety by reference to the full text thereof, incorporated by reference asExhibit 10.1to this Current Report on Form 8-K, and incorporated by reference in thisItem 9.01.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description |
| 10.1 | $700,000 Promissory Note dated February 4, 2019, entered into by Monaker Group, Inc. in favor of the Donald P. Monaco Insurance Trust (Filed asExhibit 10.1to the Current Report on Form 8-K filed by Monaker Group, Inc. with the Securities and Exchange Commission on February 5, 2019, and incorporated herein by reference)(File No. 001-38402) |
About Monaker Group, Inc. (OTCMKTS:MKGI)
Monaker Group, Inc., formerly Next 1 Interactive, Inc., is a technology driven travel and logistics company. The Company operates NextTrip.com, an online marketplace for the alternative lodging rental (ALR) industry. It operates through a segment consisting of various products and services related to its online marketplace of travel and related logistics, including destination tours/activities, accommodation rental listings, hotel listings, air and car rental. Its NextTrip.com has a capacity of uniting a range of travelers seeking ALR online with property owners and managers. As of February 29, 2016, the Company operated its online marketplace through 115 Websites in 16 languages, with Websites in Europe, Asia, South America and the United States. As of February 29, 2016, its global marketplace included approximately 100,000 paid listings on subscriptions and contracted with over 1.1 million listings under the performance based listing arrangement ALRs.
