form8ka.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________________________________
FORM 8-K /A
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported):
October
1, 2009
Synergx
Systems Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
11-2941299 |
| (State or
other jurisdiction of incorporation) |
|
(I.R.S.
Employer Identification No.) |
| |
|
|
| 209 Lafayette Drive,
Syosset, New York |
|
11791 |
| (Address of
principal executive offices) |
|
(Zip
code) |
Issuer's
telephone number: (516)
433-4700
Not
Applicable
(Former
Name or Former Address, If Changed Since Last Report)
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):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Item
8.01 Other
Items.
Synergx
Systems Inc. (the "Company") operates using a $2.5 million dollar revolving
credit facility (the “Credit Facility”) with TD Banknorth, N.A. (the “Bank”).
This Credit Facility charges an annual interest rate of prime plus 2%, currently
5.25%, and expired on October 1, 2009. The Credit Facility is secured by all
assets of the Company and all of its operating subsidiaries. At
September 30, 2009, $1,496,524 was owed under the Credit
Facility. Advances under the Credit Facility are measured against a
borrowing base calculated on eligible receivables and inventory.
The
Credit Facility includes various covenants, which among other requirements,
imposes limitations on declaring or paying dividends, and making acquisitions
and capital expenditures. The Company is also required to maintain certain
financial ratios and tangible net worth covenants. At June 30, 2009,
the Company did not meet the $4.3 million minimum tangible net worth loan
covenant required by the Credit Facility and does not currently meet all of its
covenants.
The
Company is and has been negotiating with the Bank to extend its loan and is
and has been seeking new lending sources as the loan is important to the
Company’s liquidity and ability to conduct its operations. To date,
the Company’s Board of Directors and management have not entered into an
agreement with a new lending source. Further, there can be no
assurance that the Company will be successful in extending its loan with the
Bank or finding a new lending source. As a result, there is a
significant uncertainty with respect to the Company’s ability to continue as a
going concern without alternative financing.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the Company has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
| |
SYNERGX
SYSTEMS INC. |
|
| |
(Registrant) |
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|
|
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Dated:
October 9 ,
2009
|
By:
|
/s/ JOHN
A. POSERINA |
|
| |
|
John
A. Poserina, |
|
| |
|
Chief
Financial Officer, Treasurer, Secretary, |
|
| |
|
Vice
President and Director |
|
| |
|
(Principal
Accounting and Financial Officer) |
|