Item 1.01 Entry Into a Material Definitive Agreement. On December 31, 2013 , Banyan Rail Services Inc. (the "Company") entered into a demand promissory note (the "Note") with Banyan Rail Holdings LLC (" Banyan Holdings ") in the amount of $150,000 at an annual interest rate of 10%. The proceeds received were used to fund working capital requirements. Gary O. Marino , the Company's chairman and chief executive officer, is the president of Banyan Holdings . The Note is attached to this Form 8-K as an exhibit. The description of the Note above is a summary and is qualified by the full text of the attached document. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosures included under Item 1.01 of this current report on Form 8-K are incorporated herein by reference. Item 3.02. Unregistered Sales of Equity Securities . On December 31, 2013 , the Company agreed to issue 16,230 unregistered shares of common stock (the "Shares") to Banyan Holdings to induce Banyan Holdings to loan the Company working capital as described in Item 1.01 of this current report on Form 8-K. The issuance of the Shares was made in reliance on Section 4(2) of the Securities Act of 1933 for the offer and sale of securities not involving a public offering and Rule 506 of Regulation D of the Securities Act. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 10.1 Demand Promissory Note, dated as of December 31, 2013 , by and between Banyan Rail Services Inc. and Banyan Rail Holdings LLC .
Most Popular Stories
- Ukraine Crisis Limits Losses in Gold, Silver
- Big Earthquake Rumbles Northern California
- Chiquita, Fyffes to Form Top Banana
- Tesla's Alt-Energy Future Aims for Massive Lithium-Ion Battery Production
- FAA to Appeal Court Decision Allowing Commercial Drone Use
- China's Money Rate Drops on Slowdown Concern
- New Chat App, Yik Yak, Causes Problems for Students
- Mt. Gox Files for Bankruptcy in U.S.
- Obama Meets with Ukraine Prime Minister Wednesday
- Rand Paul Tops Presidential Straw Poll at Conservative PAC Conference