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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000944075-10-000019.txt : 20100506
<SEC-HEADER>0000944075-10-000019.hdr.sgml : 20100506
<ACCEPTANCE-DATETIME>20100506170503
ACCESSION NUMBER:		0000944075-10-000019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100430
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20100506
DATE AS OF CHANGE:		20100506

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:		10809029

	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-8k0430.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head>

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<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>
  <b><br>
  Pursuant to Section 13 or 15(d) of<br>
  The Securities Exchange Act of 1934</b><br>
  <b><br>
  </b></font></p>
<p align=center><font face="Times New Roman, Times, serif" size="3"><b>April 30</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<br>
  (Date of earliest event reported)</font><br>
  </font></font><font face="Times New Roman, Times, serif" size="3"> </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 align=center>
    <hr width="100%">
  </div>
</div>
<p><font face="Times New Roman, Times, serif"><br>
  <b><br>
  Item 8.01 Other Events </b></font></p>
<p>On April 30, 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 March 2010, the Company had
  determined that as of the end of March 2010 it was out of compliance with the
  minimum revenue covenant for the fiscal quarter ended March 31, 2010 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;). On March 3, 2010, the Company and Lender also entered into
  a First Amendment to Forbearance Agreement (the &quot;Forbearance Agreement&quot;)
  under which the Lender agreed to forbear from enforcing its rights and remedies
  under the Loan Agreements through April 30, 2010.</p>
<p>Each of the Loan Agreements contained a covenant that the Company must achieve
  minimum revenues of $4,600,000 during the fiscal quarter ended March 31, 2010.
  The Company failed to achieve the required minimum revenues for the quarter
  ended March 31, 2010. Our failure to meet the minimum revenue covenant during
  the fiscal quarter ended March 31, 2010 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. Should the Lender make such a declaration, the Company's cash
  balances are sufficient to fully repay the amounts due the Lender under the
  Loan Agreements.</p>
<p>We are in discussion with the Lender in regards to continuation of the availability
  of the line and will report on the outcome of these discussions when completed.
</p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif"><b>SIGNATURES</b><br>
  </font></p>
<p>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>
  <br>
</p>
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  <dir>
    <dir>
      <dir>
        <dir>
          <blockquote>
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              <td>&nbsp;</td>
              <td>&nbsp;</td>
            </tr>
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              <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: May 6,
          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"><br>
  <br>
  <br>
  </font></p>
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