Loop Media Enters into Significant Loan Agreements with 1800 Diagonal Lending, LLC

Loop Media, Inc. has recently finalized notable agreements with 1800 Diagonal Lending, LLC, as outlined in their latest Form 8-K filing submitted to the Securities and Exchange Commission.

The first agreement, termed the “1800 Diagonal Promissory Note Agreement,” involves a loan of $31,200.00 extended by 1800 Diagonal Lending to Loop Media on December 17, 2024. This promissory note requires Loop Media to make ten payments, starting with an initial payment due on January 15, 2025. The loan, unsecured by collateral, is set to mature on October 15, 2025, with customary events of default attached.

Simultaneously, Loop Media also entered into a second agreement, known as the “1800 Diagonal Bridge Note Agreement,” with 1800 Diagonal Lending. This agreement entails a loan of $96,000.00, including an original issue discount of $16,000.00, provided to Loop Media. Similar to the first agreement, this bridge note requires an initial payment in April 2025, followed by four subsequent monthly payments. The terms also specify that the loan is unsecured, with a maturity date set for October 15, 2025, and customary events of default embedded within the agreement.

Each of these agreements contains standard representations, warranties, and covenants required by Loop Media. In the event of a default, Loop Media will be obligated to pay a Default Amount equivalent to 150% of the outstanding principal and accrued interest. Notably, 1800 Diagonal Lending also holds the right to convert the outstanding balance into Loop Media’s common stock.

Loop Media disclosed that funding under these agreements was received on December 18, 2024, with the intention to utilize the proceeds for general working capital purposes. The full details of the promissory notes, bridge note agreements, and associated terms are available in the exhibits attached to the filing.

These financial obligations have been classified under Item 2.03 of the Form 8-K filing, signifying a noteworthy development in Loop Media’s financial engagements.

Investors and industry observers are keen on monitoring the implications of these agreements and their potential impact on Loop Media’s financial position and strategic initiatives moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Loop Media’s 8K filing here.

Loop Media Company Profile

Loop Media, Inc operates as a multichannel digital video platform media company in the United States. The company offers hand-curated music video content licensed from major and independent record labels, including Universal Music Group, Sony Music Entertainment, and Warner Music Group; and non-music video content, which is licensed or acquired from third parties, such as action sports clips, drone and atmospheric footage, trivia, news headlines, lifestyle channels, and kid-friendly videos, as well as movie, television and video game trailers, and other content.