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 (Date of earliest event reported):
May 17,
2021
Blue Dolphin Energy Company
(Exact
name of registrant as specified in its charter)
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Delaware
(State
or Other Jurisdictionof Incorporation)
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0-15905
(Commission
File Number)
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73-1268729
(IRS
Employer Identification No.)
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801 Travis Street, Suite 2100
Houston, TX 77002
(Address
of principal executive office and zip code)
(713) 568-4725
(Registrant’s
telephone number, including area code)
(Not Applicable)
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2
below):
☐
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))
The
information in this Current Report on Form 8-K shall not be deemed
“filed” for purposes of Section 18 of the Securities
Exchange Act of 1934 (the “Exchange Act”), as amended,
or otherwise subject to the liabilities of such section, and is not
deemed incorporated by reference into any filings under the
Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such
filing.
Item
1.01 Entry into a Material Definitive Agreement.
On May
11, 2021, Blue Dolphin Energy Company executed the standard loan
documents required to secure an Economic Injury Disaster Loan
("EIDL") through the Small Business Administration ("SBA") for
COVID-19 pandemic relief. The principal amount of the loan is
$500,000.00. Proceeds will be used for working capital purposes.
Interest on the loan accrues at the rate of 3.75% per annum and
will accrue from the date of loan. Installment payments, including
principal and interest, total $2,505.00 per month and are due
beginning eighteen (18) months from the date of the loan. The
balance of principal and interest is payable over a 30-year term.
SBA EIDLs are not forgivable. Jonathan Carroll, the company’s
chief executive officer, and Lazarus Energy Holdings, LLC, an
affiliate, provided guarantees of the debt. The debt is subject to
certain customary covenants and default provisions.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a
Registrant.
See
Item 1.01 above for a description of the SBA COVID-19
EIDL.
Item
9.01 Financial Statements and Exhibits.
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Loan
Authorization and Agreement between Blue Dolphin Energy Company and
the Small Business Administration dated May 11, 2021.
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SIGNATURE
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.
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Blue
Dolphin Energy Company
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By:
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/s/
JONATHAN P. CARROLL
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Jonathan
P. Carroll
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Chief
Executive Officer, President,
Assistant
Treasurer and Secretary
(Principal
Executive Officer, Principal Financial Officer and Principal
Accounting Officer)
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Exhibit Index
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Loan
Authorization and Agreement between Blue Dolphin Energy Company and
the Small Business Administration dated May 11, 2021.
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