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) MARCH 20, 2007
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ABLE ENERGY, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 001-15035 22-3520840
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(States or Other Jurisdiction (Commission file Number) (IRS Employer
of Incorporation) Identification No.)
198 GREEN POND ROAD, ROCKAWAY, NJ 07866
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(Address of Principal Executive Offices) (Zip Code)
Registrants' telephone number, including area code (973) 625-1012
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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-2 under the Exchange Act (17
CFR 240.14a-2)
[ ] 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.
On March 20, 2007, Able Energy, Inc. (the "Company") and its wholly-owned
subsidiary, PriceEnergy.com, Inc. ("PriceEnergy"), completed transactions
contemplated by a Credit Card Receivables Advance Agreement (together, the
"Receivables Agreements") with Credit Cash LLC ("Lender"). Pursuant to the
Receivables Agreements, Lender, in its sole and absolute discretion, may make
advances to each of the Company and PriceEnergy, which advances will be paid
solely out of the respective credit card receivables of the Company and
PriceEnergy. The advances to each of the Company and PriceEnergy are secured by
a lien of the respective accounts receivables (including credit card
receivables) of the Company and PriceEnergy.
In addition to advances made under the Receivables Agreement, each of the
Company and PriceEnergy will reimburse Lender for various expenses incurred by
it in the administration and enforcement of the Receivables Agreement (including
due diligence, credit investigation, maintenance of security interests and fees
related to transfer of funds to and from Able Oil and/or PriceEnergy and, to the
extent applicable, all attorneys' fees and expenses and all experts' and
advisors' fees and expenses incurred by the Lender in connection with any event
of default).
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT FOR A REGISTRANT.
On March 21, 2007, the Lender made an advance to the Company in the amount of
$700,000. This advance was made under the Receivables Agreement. The Company
will repay the advance to the Lender plus reimburse the Lender for various fees
and expenses incurred by it in the amount of $49,000 (collectively, the "Company
Collection Amount"). The Company Collection Amount must be repaid in full by
October 20, 2007, in accordance with the Receivables Agreement as described in
Item 1.01 of this Current Report.
On March 23, 2007, the Lender made an advance to PriceEnergy in the amount of
$500,000. This advance was made under the Receivables Agreement. PriceEnergy
will repay the advance to the Lender plus reimburse the Lender for various fees
and expenses incurred by it in the amount of $35,000 (collectively, the
"PriceEnergy Collection Amount"). The PriceEnergy Collection Amount must be
repaid in full by October 23, 2007, in accordance with the Receivables Agreement
as described in Item 1.01 of this Current Report.
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 on this 26th day of March 2007.
ABLE ENERGY, INC.
By: /s/ Christopher P. Westad
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Christopher P. Westad
Acting Chief Executive Officer