PHST » Topics » 14. Subsequent Events

This excerpt taken from the PHST 10-K filed Jun 30, 2008.

14. Subsequent Events

In April 2008, the Company entered into a three year operating lease agreement in Montreal Canada for our Reporting and Analysis Services group. The annual lease amount is approximately $45,000.

In June 2008, the Company received a commitment letter from Silicon Valley Bank agreeing to extend the Committed Revolving Line for two additional years while maintaining the same conditions as the Seventh Amendment as described in Note 5 to the financial statements.

 

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This excerpt taken from the PHST 10-K filed Jun 26, 2006.

14. Subsequent Events

 

On June 12, 2006, Pharsight Corporation (the “Company”) and Silicon Valley Bank (the “Bank”) entered into the Fifth Amendment to the Loan and Security Agreement (the “Loan Amendment”), effective as of May 24, 2004 by and between Silicon Valley Bank and Pharsight Corporation, as amended (the “Loan and Security Agreement”). The Loan Modification amends in part Section 2.4 of the Loan and Security Agreement to provide that interest due on the Committed Revolving Line is payable on the 25th day of each month and amends Section 13.1 of the Loan and Security Agreement by changing the “Revolving Maturity Date” to May 26, 2007. In addition, the Loan and Security Agreement amends in part Section 6.7 by replacing the profitability/loss financial covenant with a covenant requiring the Company to maintain a minimum tangible net worth in the amount not less than $3,000,000. Furthermore, the Loan Amendment also provides for additional representations and warranties by the Company to induce the Bank to enter into the Loan Amendment.

 

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

EXCERPTS ON THIS PAGE:

10-K
Jun 30, 2008
10-K
Jun 26, 2006
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