0001161697-13-000368.txt : 20130606 0001161697-13-000368.hdr.sgml : 20130606 20130606172750 ACCESSION NUMBER: 0001161697-13-000368 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130603 ITEM INFORMATION: Other Events FILED AS OF DATE: 20130606 DATE AS OF CHANGE: 20130606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cornerworld Corp CENTRAL INDEX KEY: 0001338242 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TELEPHONE INTERCONNECT SYSTEMS [7385] IRS NUMBER: 980441869 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54419 FILM NUMBER: 13898317 BUSINESS ADDRESS: STREET 1: 13101 PRESTON ROAD STREET 2: SUITE 100 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: (888) 837-3910 MAIL ADDRESS: STREET 1: 13101 PRESTON ROAD STREET 2: SUITE 100 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: CornerWorld Corp DATE OF NAME CHANGE: 20070530 FORMER COMPANY: FORMER CONFORMED NAME: OLYMPIC WEDDINGS INTERNATIONAL INC DATE OF NAME CHANGE: 20050908 8-K 1 form_8-k.htm FORM 8-K FOR 06-03-2013

UNITED STATES

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): June 3, 2013


CORNERWORLD CORPORATION

(Exact name of registrant as specified in its charter)



Nevada

333-128614

98-0441869

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(I.R.S. Employer
Identification Number)


13010 Preston Road, Suite 100

Dallas, Texas 75240

(Address of principal executive offices) (zip code)


(888) 837-3910

(Registrant’s telephone number, including area code)


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):


[  ]  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))



Item 8.01

Other Events.


On June 3, 2013, CornerWorld Corporation (the “Company”) received a notice of default from counsel representing IU Holdings, LP (“IUH”) pursuant to that certain promissory note dated March 30, 2011 (the “Promissory Note”) by and among the Company and IUH providing notice that the Company had a principal payment due on May 31, 2013 totaling $187,500. IUH’s counsel notified the Company that it had five business days to make the required payments or it would be in default pursuant to the terms of the Promissory Note.


All of the Company’s secured payables are cross-defaulted and, accordingly, the Company is now in default to all of its secured lenders including all Senior Lenders and Junior Lenders. Amounts due to secured creditors as of June 4, 2013 total approximately $7.6 million.


The Company is currently exploring all of its options to address the notice of default including, but not limited to selling assets and raising additional capital in the form of either debt or equity. There can be no assurances at this time that the Company will be successful in its efforts to raise additional capital or refinance amounts payable to the Senior Lenders. Should the Company be unsuccessful in raising additional capital or negotiating with its Senior Lenders, actions may be taken pursuant to the Credit Agreement which include, among other remedies, foreclosure on the Company’s assets. Such actions would have a material adverse effect on the Company’s liquidity, financial condition and results of operations.


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SIGNATURES


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

CornerWorld Corporation

 

 

 

 

 

Dated: June 6, 2013

By:

/s/ V. Chase McCrea III
V. Chase McCrea III
Chief Financial Officer


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