Item 1.01 Entry into a Material Definitive Agreement.

On January 18, 2022, Simply, Inc. (the "Company) and its wholly owned subsidiary, Simply Mac, Inc. entered into an amendment (the "Amendment") to its November 23, 2021 $6,000,000 Loan and Security Agreement (the "Agreement") with Line Financial Corp. Under the Amendment, Simply Mac, Inc. will borrow an additional $2,800,000 to be repaid in 5 weekly principal payments of $475,000 beginning February 23, 2022 and a final payment on March 30, 2022 of $425,000. Other provisions of the Agreement, as described in the Company's Current Report on Form 8-K filed with the United States Securities and Exchange Commission on November 29, 2021, remain unchanged, with the exception of an added covenant related to the value of residual inventory.

The foregoing is a summary of certain material terms and conditions of the Amendment, and is not a complete description thereof. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Amendment attached to this Current Report on Form 8-K as Exhibit 4.1 and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant.

The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.






(d)    Exhibits.



Exhibit
  No.       Description
  4.1         January 18, 2022 Amendment to Loan and Security Agreement.

  104       Cover Page Interactive Data File (embedded within the Inline XBRL document)

© Edgar Online, source Glimpses