Item 2.03 Creation of a Direct Financial Obligation
As previously reported in the Form 10-K for the fiscal year ended September 30,
2012 of DubLi, Inc. (the "Company"), on August 11, 2014, the Company entered
into a revolving loan agreement with Michael Hansen, the Company's President and
Chief Executive Officer, who is also the controlling stockholder. The unsecured
promissory note (the "Note") is for a maximum of $3 million which may be drawn
as needed by the Company. Interest is calculated at 6% per annum from the date
of the amount drawn and all principal and interest is due and payable in full on
December 31, 2015.
On August 27, 2014, the Company entered into an amendment and restatement of the
revolving loan agreement with Michael Hansen (the "Amended Note") whereby the
maximum amount available under the loan agreement was increased by $2 million,
for an aggregate amount of up to $5 million. All the other existing terms of the
Note remained unchanged in the Amended Note.
As of August 28, 2014, the Company's borrowings under the Amended Note totaled
The foregoing disclosure relating to the Note and the Amended Note does not
purport to be complete and is qualified in its entirety by reference to the Note
and the Amended Note attached hereto as Exhibits 10.1 and 10.2, respectively,
which are incorporated herein by reference.
Item 4.01 Changes in Registrant's Certifying Accountant.
On August 26, 2014, the Company appointed Mayer Hoffman McCann P.C. ("MHM") as
its new independent registered public accounting firm for the Company's fiscal
year ended September 30, 2013, effective immediately. The decision to appoint
MHM was made and approved by the Audit Committee of the Company's Board of
Directors. MHM succeeds Cherry Bekaert LLP as the Company's independent
registered public accounting firm.
During the fiscal years ended September 30, 2013, 2012 and 2011, and the interim
period through August 26, 2014, the Company has not consulted with MHM
regarding: (i) either the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company's consolidated financial statements; or
(ii) any matter that was the subject of either a "disagreement," as that term is
defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to
Item 304 of Regulation S-K, or a "reportable event," as that term is defined in
Item 304(a)(1)(v) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
10.1 Promissory Note dated August 11, 2014 between DubLi, Inc. and Michael
10.2 Amended and Restated Promissory Note dated August 27, 2014 between
DubLi, Inc. and Michael Hansen.