0001012118-01-500100.txt : 20011009
0001012118-01-500100.hdr.sgml : 20011009
ACCESSION NUMBER: 0001012118-01-500100
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010927
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011003
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MARK SOLUTIONS INC
CENTRAL INDEX KEY: 0000807397
STANDARD INDUSTRIAL CLASSIFICATION: PREFABRICATED METAL BUILDINGS & COMPONENTS [3448]
IRS NUMBER: 112864481
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 333-72099
FILM NUMBER: 1751723
BUSINESS ADDRESS:
STREET 1: 1515 BROAD ST
STREET 2: PARKWAY TECHNICAL CENTER
CITY: BLOOMFIELD
STATE: NJ
ZIP: 07003
BUSINESS PHONE: 9738930500
MAIL ADDRESS:
STREET 1: 1515 BROAD ST
STREET 2: PARKWAY TECHNICAL CENTER
CITY: BLOOMFIELD
STATE: NJ
ZIP: 07003
FORMER COMPANY:
FORMER CONFORMED NAME: SHOWCASE COSMETICS INC
DATE OF NAME CHANGE: 19920703
8-K
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f8-k92001.txt
FORM 8-K FOR PERIOD ENDED 9/01
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): September 27, 2001
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Mark Solutions, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-17118 11-2864481
(Commission File Number)(I.R.S. Employer Identification No.)
1135 Clifton Avenue, Clifton, NJ 07013
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(Address and zip code of principal executive offices)
973-773-8100
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(Registrant's telephone Number)
ITEM 5. Other Events
On April 13, 2000 and April 21, 2000, the Company issued two convertible
promissory notes to a lender for loans of $1,500,000 and $500,000, respectively.
The notes provided for repayment of the principal together with interest a 7%
per annum. The $1,500,000 note was due on or before April 12, 2002 and the
$500,000 note was due on or before April 20, 2002. Both notes entitled the
holder at any time before maturity to convert the notes into the Company's
Common Stock based on the average of the lowest closing price on three of the
last ten trading days preceding the conversion date. Since the issuance of the
notes the lender has converted $120,000 of debt into Common Stock. As of
September 26, 2001, the Company was indebted to the lender in the amount of
$1,880,000 together with accrued interest.
On September 27, 2001, the Company and the lender entered into a n agreement to
compromise the outstanding indebtedness. Under the terms of the agreement, the
lender has agreed to accept $1,000,000 in full settlement of the outstanding
debt. The terms of payment require that the Company pay four installments of
$250,000 each. The first installment was paid upon execution of the agreement on
September 27, 2001. The remaining installments are due on or before November 30,
2001, February 28, 2002, and March 1, 2003. The agreement provides that the
lender may not exercise his conversion rights as long as the Company is not in
default with respect to the first three installments. Thereafter, and upon
payment of the third installment the convertible notes are automatically
cancelled and the Company will only be liable to the lender for the last
installment under a separate promissory note which becomes effective after
payment of the third installment
The Company believes that the Agreement is extremely beneficial and eliminates
the consequences of a potentially large issuance of its Common Stock which could
result in significant dilution to existing shareholders.
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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.
Mark Solutions, Inc.
(Registrant)
By: s/ Carl Coppola
---------------------------------
Carl Coppola, President
DATED: October 3, 2001
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