-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q9zaMBKk++D6QECR5LvIGvv6Sany/6//rhp/6PHZIzrUwnnxylCbgKlYI08AOSHk 5zD1w7QsOclh0uMAJl43LQ== 0001019687-08-005673.txt : 20081231 0001019687-08-005673.hdr.sgml : 20081231 20081231114802 ACCESSION NUMBER: 0001019687-08-005673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20081225 ITEM INFORMATION: Triggering Events That Accelerate or Increase a Direct Financial Obligation under an Off-Balance Sheet Arrangement FILED AS OF DATE: 20081231 DATE AS OF CHANGE: 20081231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: X-CHANGE CORP CENTRAL INDEX KEY: 0000054424 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 900156146 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-41703 FILM NUMBER: 081277991 BUSINESS ADDRESS: STREET 1: 710 CENTURY PARKWAY CITY: ALLEN STATE: TX ZIP: 75013 BUSINESS PHONE: 972-747-0051 MAIL ADDRESS: STREET 1: 710 CENTURY PARKWAY CITY: ALLEN STATE: TX ZIP: 75013 FORMER COMPANY: FORMER CONFORMED NAME: DIVERSIFIED TECHNOLOGIES GROUP INC DATE OF NAME CHANGE: 20010330 FORMER COMPANY: FORMER CONFORMED NAME: CASSCO CAPITAL CORP DATE OF NAME CHANGE: 19940804 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL K C JAKES BBQ & GRILL INC DATE OF NAME CHANGE: 19940627 8-K 1 xchc_8k-123008.htm X-CHANGE CORPORATION xchc_8k-123008.htm
UNITED STATES
SECURITIES 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): December 25, 2008


THE X-CHANGE CORPORATION
 (Exact Name of Registrant as Specified in Charter)
(Exact name of registrant as specified in its charter)
 
Nevada
 
002-41703
 
90-0156146
(State of organization)
  
(Commission File Number)
  
(IRS Employer Identification No.)

710 Century Parkway, Allen, Texas
 
75013
(Address of principal executive offices)
  
(Zip Code)

Registrant’s Telephone Number, including area code: (972) 747-0051

Former name or former address, if changed since last report: Not Applicable

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:
     
o
  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
o
  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12)
     
o
  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
o
  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 


 
Item 2.04.  Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

As of December 25, 2008 we are in default on our promissory note with Melissa364 Ltd for failing to remit the outstanding balance and interest of 10% on December 15, 2008.  Melissa 364 Ltd has demanded payment in full of the promissory note.  At this time, the Company does not have the funds available to pay Melissa 364 Ltd.  Melissa 364 Ltd has a security interest in the shares of stock of our wholly owned subsidiary AirGATE Technologies.

Additionally, a default under the Melissa 364 Ltd note triggers a default under our loan agreement with La Jolla Cove Investors.  Upon an event of default under the La Jolla Cove Investors, the Company may be (i) required to pay a default rate equal to 3.75% percent and (ii) accelerate the payment of the entire outstanding amounts owed at 120% of the outstanding principal amount.  As of the date hereof, La Jolla Cove has not requested the default rate or sent a notice of acceleration.




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.

  X-CHANGE CORPORATION  
       
 
By:
/s/ Kathleen Hanafan  
    Kathleen Hanafan  
    President and Chief Executive Officer  
       
 
DATE: December 31, 2008

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