Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On January 16, 2019, Long Blockchain Corp. (the "Company") and Long Island Brand
Beverages LLC ("LIBB"), a wholly owned subsidiary of the Company, entered into
an amendment (an "Amendment") to the loan agreement by and among LIBB, the
Company and Long Island Beverage Corp. ("LIBC"), and the promissory note issued
by LIBB to LIBC thereunder, each dated as of January 31, 2019 and amended as of
June 25, 2019 and August 30, 2019 (together, the "Loan Documents"). Pursuant to
the Loan Documents, LIBC previously advanced CA$383,205 (or approximately
$287,404) to LIBB (the "Loans").
The Amendment extends the maturity date of the Loans to April 18, 2020 and
increases the maximum principal amount of the Loans to CA$500,000. All remaining
terms of the Loan Documents remain unchanged. In connection with the Amendment,
LIBB received an additional advance of approximately CA$19,586 (or approximately
$15,000) from LIBC.
The foregoing description of the Amendment does not purport to be complete and
is subject to and qualified in its entirety by reference to the full text of the
Amendment, a copy of which is filed as an exhibit hereto and is incorporated
herein by reference.
Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.
(d) Exhibits:
Exhibit Description
10.1 Amendment to Loan Agreement and Promissory Note, dated as of August
30, 2019, by and among Long Island Beverages Corp., Long Island Brand
Beverages LLC and Long Blockchain Corp.
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