SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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): June 8, 2010
THE SINGING MACHINE COMPANY,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-24968
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95-3795478
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
incorporation)
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Identification
No.)
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6601 Lyons Road, Bldg. A-7,
Coconut Creek, Florida 33073
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code (954) 596-1000
Copies
to:
Gary
Atkinson
Interim
CEO
6601
Lyons Road, Bldg. A-7
Coconut
Creek, FL 33073
954-596-1000
(phone)
954-596-2000
(fax)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.02 Termination of a Material Definitive Agreement.
On June
8, 2010 the Company received a letter dated June 2, 2010 from DBS Bank (Hong
Kong) Limited (“DBS”) notifying the Company’s wholly owned subsidiary SMC
(Comercial Offshore De Macau) Limitada (“SMC Macau”) of DBS’ intention to
terminate its three-party Banking Facility agreement with the
Company. On August 28, 2008, the Company executed a Banking Facility
Agreement between it’s wholly owned subsidiary SMC (Comercial Offshore De Macau)
Limitada, DBS Bank (Hong Kong) Limited and Branch Banking and Trust Company
(“BB&T”). The Banking Facility agreement had provided the Company
with up to $13.0 million in of credit facilities, including factoring and a
letter of credit facility. BB&T will continue to collect the
Company’s accounts receivables until all outstanding short term loans provided
under the Banking Facility agreement to DBS have been repaid.
Item
9.01 Financial Statements and Exhibits.
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Exhibit
Number
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Description
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99.1
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Letter
of Notice to Withdrawal Credit Facilities, dated June 2,
2010.
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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 hereunto
duly authorized.
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THE
SINGING MACHINE, COMPANY, INC. |
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Date:
June 11, 2010
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/s/
Gary Atkinson
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Gary
Atkinson
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Interim
Chief Executive Officer
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