SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):May 30, 2003
THE SINGING MACHINE COMPANY, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-24968 95-3795478
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(Commission File Number) (IRS Employer Identification No.)
6601 Lyons Road, Bldg. A-7
Coconut Creek, FL 33073
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(Address of Principal Executive Offices) (Zip Code)
(954) 596-1000
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Change Since Last Report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
We entered into an eleventh amendment to our credit facility with
LaSalle Business Credit, LLC. today which changed the formula for determining
our borrowing base effective as of May 30, 2003. In the tenth amendment to our
credit facility many of the formula numbers were based on the time period
between March 31, 2003 and May 31, 2003 and this amendment changed the relevant
time period to the period between May 31, 2003 and June 30, 2003. We are also
paying a one-time amendment fee of $10,000. The other terms and conditions of
the credit facility will remain the same, including the maximum advance of $10
million under the credit facility during the period between May 31, 2003 through
June 30, 2003. A copy of the amendment is attached hereto as Exhibit 10.1 and is
incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
10.1 Eleventh Amendment effective as of May 30, 2003 to the Loan
and Security Agreement dated April 26, 2001 by and between
LaSalle Business Credit, LLC. and The Singing Machine Company,
Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
THE SINGING MACHINE COMPANY, INC.
Date: June 4, 2003 By: /s/ April Green
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April Green
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
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10.1 Eleventh Amendment effective as of May 30, 2003 to the Loan and
Security Agreement dated April 26, 2001 by and between LaSalle Business
Credit, LLC. and The Singing Machine Company, Inc.