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<SEC-DOCUMENT>0000944075-10-000001.txt : 20100204
<SEC-HEADER>0000944075-10-000001.hdr.sgml : 20100204
<ACCEPTANCE-DATETIME>20100204141610
ACCESSION NUMBER:		0000944075-10-000001
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100129
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20100204
DATE AS OF CHANGE:		20100204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOCKET MOBILE, INC.
		CENTRAL INDEX KEY:			0000944075
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPUTERS [3571]
		IRS NUMBER:				943155066
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25904
		FILM NUMBER:		10573639

	BUSINESS ADDRESS:	
		STREET 1:		39700 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4808
		BUSINESS PHONE:		5109333000

	MAIL ADDRESS:	
		STREET 1:		39700 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOCKET COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19950418
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form-8k0204.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head>

</head>

<body bgcolor="#FFFFFF">
<div align=left>
  <hr width="100%">
  <div align=center>
    <hr width="100%">
    <p><font face="Times New Roman, Times, serif" size="3"><b><font size="5">UNITED
      STATES<br>
      </font></b><font size="5"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></font></font></p>
  </div>
</div>
<p align=center><font face="Times New Roman, Times, serif" size="3">Washington,
  DC 20549</font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3">__________________________</font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3"> <b><font size="5">FORM
  8-K</font></b><br>
  <br>
  <b>CURRENT REPORT</b><br>
  <br>
  Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934<br>
  <b><br>
  </b></font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3"><b>January
  29</b></font><font face="Times New Roman, Times, serif"><b><font size=3>, 2010</font></b><font size=3><br>
  <font size="2">Date of Report</font><br>
  <font size="2">(Date of earliest event reported)</font></font></font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3"><br>
  </font></p>
<p align=center><font face="Times New Roman, Times, serif" size="5"><strong><font size="6">SOCKET
  MOBILE, INC.</font></strong></font><font face="Times New Roman, Times, serif"><br>
  <font size=2>(Exact name of registrant as specified in its charter) </font></font></p>
<p>&nbsp;
<table cols=3 width="100%">
  <tr>
    <td height=28 width="34%">
      <center>
        <font face="Times New Roman, Times, serif" size=3><b>Delaware<br>
        </b></font><font face="Times New Roman, Times, serif" size=2>(State or
        other jurisdiction of incorporation)</font><font face="Times New Roman, Times, serif" size=3><b>
        </b> </font>
      </center>
    </td>
    <td height=28 width="32%">
      <center>
        <font face="Times New Roman, Times, serif" size=3><b>001-13810<br>
        </b></font><font face="Times New Roman, Times, serif" size=2>(Commission
        File Number)</font><font face="Times New Roman, Times, serif" size=3><b>
        </b></font>
      </center>
    </td>
    <td height=28 width="34%">
      <center>
        <font face="Times New Roman, Times, serif" size=3><b>94-3155066</b><br>
        </font><font face="Times New Roman, Times, serif" size=2>(IRS Employer
        Identification No.)</font><font face="Times New Roman, Times, serif" size=3>
        </font>
      </center>
    </td>
  </tr>
</table>
<font face="Times New Roman, Times, serif"><br>
</font>
<p align=center><font face="Times New Roman, Times, serif" size="3"><b>39700 Eureka
  Drive <br>
  Newark, CA 94560</b></font><font face="Times New Roman, Times, serif"><br>
  <font size=2>(Address of principal executive offices, including zip code) </font></font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3"><b>(510) 933-3000<br>
  </b></font> <font face="Times New Roman, Times, serif"><font size="2">(Registrant's
  telephone number, including area code)</font></font>
<div align="center">
  <p>&nbsp;</p>
  <p align="left">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):</p>
  <p align="left"><font face="Times New Roman, Times, serif"><font size="3">[
    ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)</font></font></p>
  <p align="left"><font face="Times New Roman, Times, serif"><font size="3">[
    ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)</font></font></p>
  <p align="left"><font face="Times New Roman, Times, serif"><font size="3">[
    ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))</font></font></p>
  <p align="left"><font face="Times New Roman, Times, serif"><font size="3">[
    ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))<br>
    <br>
    </font></font></p>
</div>
<p style="PAGE-BREAK-BEFORE: always"> </p>
<div align=left></div>
<div align=left>
  <hr width="100%">
</div>
<p>&nbsp;</p>
<p><font face="Times New Roman, Times, serif"><b>Item 8.01 Other Events</b><br>
  </font></p>
<p>On January 29, 2010, Socket Mobile, Inc. (the &quot;Company&quot;) informed
  Silicon Valley Bank (the &quot;Lender&quot;), that in the process of completing
  the closing of its financial records for the month of December 2009, the Company
  had determined that as of the end of December 2009 it was out of compliance
  with the minimum revenue covenant for the fiscal quarter ended December 31,
  2009 under the Second Amended and Restated Loan and Security Agreement, dated
  as of December 24, 2008, between the Company and the Lender, as amended, and
  the Second Amended and Restated Export-Import Bank Loan and Security Agreement,
  dated as of December 24, 2008, between the Company and the Lender, as amended
  (together the &quot;Loan Agreements&quot;).</p>
<p><font face="Times New Roman, Times, serif">Each of the Loan Agreements contains
  a covenant that the Company must achieve minimum revenues of $4,068,000 during
  the fiscal quarter ended June 30, 2009, $4,500,000 during the fiscal quarter
  ending September 30, 2009, and $5,355,000 during the fiscal quarter ending December
  31, 2009. The Company complied with the covenant for the quarters ended June
  30, 2009 and September 30, 2009, however the Company failed to achieve the required
  minimum revenues for the quarter ended December 31, 2009. The Company expects
  to announce further details of the financial results of its operations in the
  fourth quarter of 2009 on or about February 18, 2010. </font></p>
<p><font face="Times New Roman, Times, serif">Our failure to meet the minimum
  revenue covenant during the fiscal quarter ended December 31, 2009 constitutes
  an event of default under each of the Loan Agreements. As a result of an event
  of default, the Lender may, among its remedies, declare all obligations under
  the Loan Agreements immediately due and payable. </font></p>
<p>We have been advised orally by the Lender that it will forebear any actions
  relating to the event of default through March 24, 2010, the expiration date
  of the current Loan Agreements, and that the line will continue to be available
  under the current Loan Agreements. In addition, as part of our annual Loan Agreement
  renewal process, we anticipate that we and the Lender will further amend the
  Loan Agreements prior to the end of February to extend the term of the Loan
  Agreements into 2011 and to revise loan covenants to align them with our 2010
  financial plan; however, there can be no assurance that any such agreement on
  an extension or other amendment can be reached, or that Lender will agree to
  continue its forbearance of actions relating to the Company's event of default.<font face="Times New Roman, Times, serif">
  </font></p>
<p>&nbsp;</p>
<hr>
<p style="PAGE-BREAK-BEFORE: always">
<p style="PAGE-BREAK-BEFORE: always">
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif"><b>SIGNATURES</b></font></p>
<p align="left"><font face="Times New Roman, Times, serif"><br>
  <br>
  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.<br>
  </font></p>
<dir>
  <dir>
    <dir>
      <dir>
        <dir>
          <blockquote>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <tr>
              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
            <p align=left> </p>
            <tr valign="bottom"
align="left"></tr>
          </blockquote>
        </dir>
      </dir>
    </dir>
  </dir>
</dir>
<div align=left>
  <table height=135 cellspacing=0 cellpadding=0 width=96% align=left border=0>
    <tr>
      <td width=300><font face="Times New Roman, Times, serif"></font></td>
      <td width=21><font face="Times New Roman, Times, serif"></font></td>
      <td colspan="2"><font face="Times New Roman, Times, serif"><b>SOCKET MOBILE,
        INC.</b></font></td>
    </tr>
    <tr>
      <td width=300><font face="Times New Roman, Times, serif"></font></td>
      <td width=21><font face="Times New Roman, Times, serif"></font></td>
      <td colspan="2"><font face="Times New Roman, Times, serif"></font></td>
    </tr>
    <tr>
      <td width=300>
        <div align=left><font face="Times New Roman, Times, serif"></font></div>
      </td>
      <td width=21><font face="Times New Roman, Times, serif"></font></td>
      <td colspan="2"><font face="Times New Roman, Times, serif"></font></td>
    </tr>
    <tr>
      <td width=300 height=19>
        <div align=left><font face="Times New Roman, Times, serif">Date: February
          4, 2010</font></div>
      </td>
      <td width=21 height=19><font face="Times New Roman, Times, serif"></font></td>
      <td width=30 height=19><font face="Times New Roman, Times, serif">By: <u>/s/
        </u></font></td>
      <td width=379 height=19><font face="Times New Roman, Times, serif"><u>David
        W. Dunlap</u></font></td>
    </tr>
    <tr>
      <td width=300 height=40>
        <div align=left><font face="Times New Roman, Times, serif"></font></div>
      </td>
      <td width=21 height=40><font face="Times New Roman, Times, serif"></font></td>
      <td width=30 height=40>
        <blockquote>
          <div align="left"><font face="Times New Roman, Times, serif"></font></div>
        </blockquote>
      </td>
      <td width=379 height=40><font face="Times New Roman, Times, serif">Name:
        David W. Dunlap<br>
        Vice President, Finance and Administration <br>
        and Chief Financial Officer</font></td>
    </tr>
  </table>
</div>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="Times New Roman, Times, serif"> </font></p>
<p><font face="Times New Roman, Times, serif"><br>
  </font></p>
<hr>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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