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| AGAC.OB > SEC Filings for AGAC.OB > Form 8-K on 3-Nov-2008 | All Recent SEC Filings |
3-Nov-2008
Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obl
As a result of the financing conditions reported under Item 8.01, paragraph (b) below, Actiga Corporation (the "Company") is in default on a 12% Note with an Option to convert due on May 15, 2009 (the "Note") between the Company and a lender in the amount of $50,000 that was subscribed for as part of our bridge offering reported in our Current Report on Form 8-K as filed with the Securities and Exchange Commission on April 18, 2008. Upon an event of default, the lender at its election may call for the repayment in cash of the full principal amount of the Note together with interest and other amounts owing under the Note. As of the date of filing of this Current Report, the Company has not received a notice from the lender of his intent to call the Note.
The Company is utilizing this Current Report on Form 8-K to make the following announcements:
(a) Due to a delay in obtaining a necessary components for one of its game controller products and a deficiency in the Company's working capital, the Company has received notice that some purchase orders previously received by the Company's wholly-owned subsidiary QMotions, Inc. ("QMotions") have been cancelled. There are currently $270,000 purchase orders for the QMotions product still pending. A total of $675,000 in purchase orders were announced in September 2008.
(b) As a result of turmoil in the financial markets and tightening of credit throughout the United Stated and the global capital markets, the Company has been unable to raise additional capital and currently cannot pay its debts. Additionally, the Company has not met its payroll obligations to its employees since October 17, 2008. The Company is currently seeking and reviewing financing and other strategic options to correct this situation.
Exhibits
10.1. 12% Note with an Option to convert due on May 15, 2009 (Incorporated by reference to our Current Report on Form 8-K as filed with the Securities and Exchange Commission on April 18, 2008).
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