FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report: May 25, 2005
(Date of
earliest event reported)
DCAP
GROUP, INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware |
|
0-1665 |
|
36-2476480 |
|
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File No.) |
|
(IRS
Employer Identification
Number) |
|
1158
Broadway, Hewlett, NY |
11557 |
|
(Address
of Principal Executive Offices) |
(Zip
Code) |
Registrant's
telephone number, including area code: (516)
374-7600
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:
|
____ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
|
____ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
|
____ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
____ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item
1.01. Entry
into a Material Definitive Agreement.
Effective
May 25, 2005, the holders of $1,500,000 aggregate principal amount of
subordinated debt of DCAP Group, Inc. (the “Company”) agreed to extend the
maturity date of the debt from January 10, 2006 to September 30, 2007. The debt
extension was given to satisfy a requirement of Manufacturers and Traders Trust
Co. (“M&T”), the Company’s premium finance lender, that arose in connection
with the December 2004 increase in M&T’s revolving line of credit to
$25,000,000 and the extension of the line to June 30, 2007. In consideration for
the extension of the due date for the subordinated debt, the Company extended
the expiration date of warrants held by the debtholders for the purchase of
97,500 shares of common stock from January 10, 2006 to September 30, 2007. Jack
Seibald, a director and principal stockholder of the Company, indirectly holds
approximately $288,000 of the principal amount of the subordinated debt and
indirectly owns or controls one-half of the warrants.
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.
|
June
1, 2005 |
DCAP
GROUP, INC.
By: /s/
Barry B. Goldstein
Barry
B. Goldstein
President
|