# EDGAR Filing Document

**Accession Number:** 0001413891
**File Stem:** 0001213900-23-015579
**Filing Date:** 2023-3
**Character Count:** 16517
**Document Hash:** 811acd106919cd6d954196782f0d316f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-015579.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001213900-23-015579

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGH WIRE NETWORKS, INC.
- **CENTRAL INDEX KEY:** 0001413891
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **IRS NUMBER:** 260592672
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53461
- **FILM NUMBER:** 23687807

**BUSINESS ADDRESS:**
- **STREET 1:** 980 N. FEDERAL HIGHWAY, SUITE 304
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432
- **BUSINESS PHONE:** (604) 560-1503

**MAIL ADDRESS:**
- **STREET 1:** 980 N. FEDERAL HIGHWAY, SUITE 304
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HWN, INC.
- **DATE OF NAME CHANGE:** 20210825

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spectrum Global Solutions, Inc.
- **DATE OF NAME CHANGE:** 20171215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mantra Venture Group Ltd.
- **DATE OF NAME CHANGE:** 20071002

?xml version="1.0" encoding="utf-8"?

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): **February 22, 2023**

Commission File Number **000-53461**

**<u>High Wire Networks, Inc.</u>**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **81-5055489** |
| (State or other jurisdiction of <br> incorporation or organization) | (IRS Employer <br> Identification No.) |

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**30 North Lincoln Street**

**Batavia, IL 60510**

(Address of Principal Executive Offices)

**(952) 974-4000**

(Registrant's telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to 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))

Securities registered pursuant to Section 12(b) of the Act: None.

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock | HWNI | OTCQB |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01. Entry into a Material Definitive Agreement**

Effective as of February 22, 2023, ADEX Corporation ("ADEX"), a wholly-owned subsidiary of High Wire Networks, Inc. (the "Company") entered into an amendment (the "Amendment") to that certain factoring agreement, dated as of February 20, 2020 (the "Factoring Agreement"), by and between ADEX and CSNK Working Capital Corp. d/b/a Bay View Funding ("BVF"), pursuant to which ADEX agreed to sell and assign and BVF agreed to buy and accept, certain accounts receivable owing to ADEX ("Accounts"). The Amendment amended the Factoring Agreement to include the Company's subsidiaries HWN, Inc, a Delaware Corporation ("HWN") and Secure Voice Corp., a Delaware corporation ("SVC"). Under the terms of the Amendment, upon the receipt and acceptance of each assignment of Accounts, BVF will pay ADEX, HWN and SVC, individually and together, ninety percent (90%) of the face value of the assigned Accounts, up to a maximum total borrowings of $9,000,000 outstanding at any point in time. ADEX, HWN and SVC additionally granted BVF a continuing security interest in, and lien upon, all accounts receivable, inventory, fixed assets, general intangibles and other assets.

**Item 2.03** **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 is incorporated into this Item 2.03 by reference.

**Item** **9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Amendment to Factoring Agreement, effective as of February 22, 2023.](ea174433ex10-1_highwire.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

Dated: February 28, 2023

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| | |
|:---|:---|
| **High Wire Networks, Inc.** | **High Wire Networks, Inc.** |
| By: | /s/ Mark W. Porter |
| Name: | Mark W. Porter |
| Title: | Chief Executive Officer |

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## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT**

**TO**

**FACTORING AGREEMENT**

Amendment #3

Dated January 12, 2023

The FACTORING AGREEMENT dated February 11, 2020 (the "Agreement"), between CSNK Working Capital Finance Corp. d/b/a Bay View Funding, a California Corporation, and ADEX Corporation, a New York Corporation is hereby amended in the specific section(s) as follows:

**First Paragraph, Page 1:** Seller's name, ADEX Corporation, shall be ADEX Corporation, a New York Corporation and HWN, Inc., a Delaware Corporation and Secure Voice Corp., a Delaware Corporation (individually and together hereinafter referred to as "Seller").

**FURTHER**, any and all references to Seller shall mean: ADEX Corporation, HWN, Inc., and Secure Voice Corp.

**FURTHER**, Seller's name change affects all other related documents.

**Section 1. <u>DEFINITIONS.</u>** When used herein, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;1.7 "Advance
Percentage" shall be ninety percent (90%), which may be adjusted by Buyer, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;1.16 "Initial
Term" shall go through February 28, 2024.

**Section 2. <u>PURCHASE AND SALE OF RECEIVABLES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Acceptance of Receivables.</u> Buyer shall have no obligation to purchase any Receivable listed on a Schedule of Accounts. Upon acceptance, Buyer
shall pay to Seller the Advance Percentage of the face amount of each Receivable Buyer desires to purchase minus ACH Fee, Wire Fee, Repurchased
Receivables, Adjustments and other Obligations which are currently due under the Factoring Agreement. Such payment shall be the "Advance"
with respect to such Receivable. The purchase price of any Receivables purchased hereunder shall be the sum of the Advance, plus any
Reserve payable by Buyer to Seller relating to such Receivable. The aggregate amount of all outstanding Advances shall not at any time
exceed the lesser of Nine Million Dollars ($9,000,000) (the Maximum Credit) or an amount equal to the sum of all undisputed Purchased
Receivables multiplied by the Advance Percentage, less any funds in the Reserve (to be applied herein in Buyer's sole discretion).
Seller shall not request and Buyer shall not make an Advance that would cause the resulting total of all Advances to exceed the foregoing
limitation. In the event the aggregate outstanding Obligations shall at any time exceed the foregoing limitation, Seller shall immediately
repay the Advances in the amount of such excess.

**Section 3. <u>COLLECTIONS, CHARGES AND REMITTANCES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Factoring Fee</u>. Seller shall pay to Buyer upon purchase of Receivables by Buyer, a Factoring Fee ("Factoring Fee"), calculated by
taking forty five hundredths of one percent (0.45%) of the gross face value of a Purchased Receivable for the first thirty (30) day period
from the date said Purchased Receivable is first purchased by Buyer, and a Factoring Fee of one quarter of one percent (0.25%) per fifteen
(15) days thereafter ("Fee Period") until the date said Purchased Receivable is paid in full or otherwise repurchased by
Seller or otherwise written off by Buyer within the Write Off Period.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Finance Fee.</u> Seller shall pay a Finance Fee to Buyer on the outstanding Advances under this Agreement at a floating rate per annum equal
to the Prime Rate plus one and three quarters of one percent (Prime + 1.75%) (the "Finance Rate"), which fee shall be payable
and calculated as hereinafter set forth. Seller shall pay such fee to Buyer on the first day of each month in an amount equal to (a)
the quotient obtained by dividing the sum of the daily unpaid Advances outstanding on each day during the immediately preceding month
by the actual number of days in such month (the "Average Daily Balance"), multiplied by (b) the quotient obtained by dividing
the Finance Rate by 360, multiplied by (c) the actual number of days in the immediately preceding month. The Finance Rate shall increase
or decrease monthly, on the first day of each month, by the amount of any increase or decrease in the Prime Rate but at no time will
the Finance Fee be less than nine and one quarter of one percent (9.25%)(the "Floor Rate"). For purposes of this Agreement,
the "Prime Rate" is the Prime Rate publicly listed by the Western Edition of the Wall Street Journal on the first day of
each month or, if the first day of such month is not a business day, on the last business day of the immediately preceding month. In
the event the Prime Rate listed by the Wall Street Journal is a range, the highest rate in the range shall be the "Prime Rate".
In no event shall the finance fee exceed the maximum rate of interest permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Monthly Minimum Fee.</u> This section has been waived and is intentionally omitted.

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| | | | |
|:---|:---|:---|:---|
| *For BVF office use only:* |  |  |  |
| *ADD: <u>{{Int_es_:signer2:initials}}</u>* | *CL: <u>{{Int_es_:signer2:initials}}</u>* | *MISC: <u>{{Int_es_:signer2:initials}}</u>* | |
| *MF: <u>{{Int_es_:signer2:initials}}</u>* | *RT: <u>{{Int_es_:signer2:initials}}</u>* | | |

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**Section 6. <u>SELLER'S WARRANTIES, REPRESENTATIONS AND COVENANTS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;6.2.5. Seller,
if a corporation, is duly incorporated and, at all times, in good standing under the laws of the States of New York and Delaware and
is duly qualified in all States where such qualification is required. Seller has all required licenses to operate its business and transacts
business under no trade names or trade styles other than ADEX Corp; ADEX Corp.; ADEX Telecom; ADEX Telecom, Inc.; ADEX; ADEX Telecom
Corp; ADEXTEX Corp; ADEX Telcom; Spectrum Global Solutions Inc; High Wire Networks;

**Section 10. <u>EFFECTIVENESS TERM</u>.** This Agreement shall only become effective upon execution and delivery by Seller and acceptance by Buyer and, unless earlier terminated as provided in this Agreement, shall continue in full force and effect for the Initial Term and shall be deemed automatically renewed for a Renewal Term, and will continue to renew for each Renewal Term thereafter unless this Agreement is terminated. Unless earlier terminated as provided in this Agreement, all Obligations shall be due and payable in full at the expiration of the Initial Term or last Renewal Term, and if the Obligations are not timely paid by the expiration of the Initial Term or such Renewal Term, then, in Buyer's sole discretion, this Agreement may be renewed for a Renewal Term. This Agreement may be terminated prior to the end of the Initial Term or any Renewal Term as follows: (a) Seller may terminate this Agreement at the end of the Initial Term or Renewal Term without payment of an Early Termination Fee, provided Seller gives at least sixty (60) days, but not to exceed ninety (90) days written notice prior to the end of the Initial Term or any Renewal Term; (b) Seller may terminate this Agreement at any time after giving Buyer at least sixty (60) days prior written notice and paying Buyer an Early Termination Fee equal to one quarter of one percent (0.25%) of the Maximum Credit multiplied by the number of months remaining in the then-current Term (the "Early Termination Fee"). Any partial month remaining in such Term shall constitute a full month for the purpose of calculating the Early Termination Fee. Any such termination shall be effective upon payment to Buyer in full of all Obligations, including the Early Termination Fee; and (c) This Agreement shall automatically terminate following the occurrence of an Event of Default under Section 9. Upon any such termination following an Event of Default, all Obligations, including the Early Termination Fee, shall be due and payable in full. In recognition of the Buyer's right to have its attorneys' fees and other expenses incurred in connection with this Agreement secured by the Collateral, notwithstanding payment in full of all Obligations by Seller, Buyer shall not be required to record any terminations or satisfactions of any of Buyer's liens on the Collateral unless and until Seller has executed and delivered to Buyer a general release in a form acceptable to Buyer. Seller understands that this Section constitutes a waiver of its rights under Section 9-513 of the UCC. If this Agreement is terminated and Seller enters into a new financing transaction with any other financing source, Buyer is under no obligation to enter into any form of agreement with the new financing source.

**The Amendment affects only the above listed Section(s) of the Agreement and all other provisions of the Agreement shall remain unchanged and in force as written or thereafter amended in writing.**

This Amendment shall become effective when it is accepted and executed by an authorized officer of Buyer.

**THE REST OF THIS PAGE IS INTENTIONALLY BLANK**

**SIGNATURE PAGE FOLLOWS**

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| | | | |
|:---|:---|:---|:---|
| *For BVF office use only:* |  |  |  |
| *ADD: <u>{{Int_es_:signer2:initials}}</u>* | *CL: <u>{{Int_es_:signer2:initials}}</u>* | *MISC: <u>{{Int_es_:signer2:initials}}</u>* | |
| *MF: <u>{{Int_es_:signer2:initials}}</u>* | *RT: <u>{{Int_es_:signer2:initials}}</u>* | | |

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| | | | |
|:---|:---|:---|:---|
| **AGREED:** | **AGREED:** |  |  |
| SELLER: | SELLER: |  |  |
| **ADEX CORPORATION** | **ADEX CORPORATION** | **HWN, INC.** | **HWN, INC.** |
| **BY:** | {{ Sig_es_:signer1:Signature }} | **BY:** | {{ Sig_es_:signer2:Signature }} |
|  | {{ \*Ttl_es_:signer1:Title }} |  | {{ \*Ttl_es_:signer2:Title }} |
|  | (TITLE) |  | (TITLE) |
| **DATE:** | {{ \*Dte_es_:signer1:Date }} | **DATE:** | {{ \*Dte_es_:signer2:Date }} |
| **SECURE VOICE CORP.** | **SECURE VOICE CORP.** |  |  |
| **BY:** | {{ Sig_es_:signer1:Signature }} |  |  |
|  | {{ \*Ttl_es_:signer1:Title }} |  |  |
|  | (TITLE) |  |  |
| **DATE:** | {{ \*Dte_es_:signer1:Date }} |  |  |

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| | | |
|:---|:---|:---|
| **ACCEPTED:** | **ACCEPTED:** | **ACCEPTED:** |
| BUYER: | BUYER: | BUYER: |
|  | **CSNK WORKING CAPITAL FINANCE CORP. D/B/A BAY VIEW FUNDING** | **CSNK WORKING CAPITAL FINANCE CORP. D/B/A BAY VIEW FUNDING** |
|  | BY: | {{ Sig_es_:signer3:Signature }} |
|  |  | {{ \*Ttl_es_:signer3:Title }} |
|  |  | (TITLE) |
|  | DATE: | {{ \*Dte_es_:signer3:Date }} |

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| | | | |
|:---|:---|:---|:---|
| *For BVF office use only:* |  |  |  |
| *ADD: <u>{{Int_es_:signer2:initials}}</u>* | *CL: <u>{{Int_es_:signer2:initials}}</u>* | *MISC: <u>{{Int_es_:signer2:initials}}</u>* | |
| *MF: <u>{{Int_es_:signer2:initials}}</u>* | *RT: <u>{{Int_es_:signer2:initials}}</u>* | | |

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