USBC, Inc. — Capital/Financing Update 2016

Jul 6, 2016

8-K 1 form_8-k.htm FORM 8-K FOR 06-30-2016

UNITED STATES

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: June 30, 2016

VISUALANT, INCORPORATED

(Exact name of Registrant as specified in its charter)

Nevada	0-25541	90-0273142
(State or jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

500 Union Street, Suite 420

Seattle, Washington 98101

(206) 903-1351

(Address of Registrant’s principal executive office and telephone number)

Section 1 - Registrant’s Business and Operations

Item 1.01. Entry into a Material Definitive Agreement.

On June 30, 2016, Visualant, Inc. (the “Company”) entered into amendments to two demand promissory notes, totaling $600,000, and a note payable for $200,000 related to the Umpqua Bank Business Loan Agreement with Mr. Erickson, our Chief Executive Officer and/or entities in which Mr. Erickson has a beneficial interest. The amendments extend the due date from June 30, 2016 to September 30, 2016 and continue to provide for interest of 3% per annum and a second lien on company assets if not repaid by September 30, 2016 or converted into convertible debentures or equity on terms acceptable to the Holder.

The foregoing description of the Amendment 7 to Demand Promissory Note, Amendment 8 to Demand Promissory Note and Amendment 9 to Demand Promissory Note is qualified in its entirety by reference to the Amendments attached to this Current Report on Form 8-K as Exhibits 10.1, 10.2 and 10.3 are incorporated by reference into this 1.01.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits –

Exhibit No.	Description
10.1	Amendment 7 to Demand Promissory Note dated June 30, 2016 by and between Visualant, Inc. and J3E2A2Z LP.
10.2	Amendment 8 to Demand Promissory Note dated June 30, 2016 by and between Visualant, Inc. and J3E2A2Z LP.
10.3	Amendment 9 to Demand Promissory Note dated June 30, 2016 by and between Visualant, Inc. and J3E2A2Z LP.

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.

Registrant: VISUALANT, INCORPORATED
By:	/s/ Mark Scott
	Mark Scott, CFO

July 6, 2016

• 2 -