<SEC-DOCUMENT>0001144204-13-001094.txt : 20130107
<SEC-HEADER>0001144204-13-001094.hdr.sgml : 20130107
<ACCEPTANCE-DATETIME>20130107164710
ACCESSION NUMBER:		0001144204-13-001094
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20121231
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:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130107
DATE AS OF CHANGE:		20130107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBALWISE INVESTMENTS INC
		CENTRAL INDEX KEY:			0001081745
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				870613716
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		13515710

	BUSINESS ADDRESS:	
		STREET 1:		2190 DIVIDEND DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228
		BUSINESS PHONE:		6143888909

	MAIL ADDRESS:	
		STREET 1:		2190 DIVIDEND DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v331587_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>__________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (date of earliest event reported):
December 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBALWISE INVESTMENTS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 34%; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">000-31671</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">87-0613716</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2190 Dividend Drive</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Columbus, Ohio</TD>
    <TD STYLE="font-weight: bold; text-align: center">43228</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(614) 388-8909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant's telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>n/a</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As disclosed in detail below, on December 31, 2012, Globalwise
Investments, Inc. (&ldquo;Globalwise&rdquo; or the &ldquo;Company&rdquo;) converted aggregate amount of debt in the amount of $945,729
issued by the Company and its operating subsidiary, Intellinetics, Inc., (&ldquo;Intellinetics&rdquo;) into 3,152,432 restricted
shares of the Company at a price of $0.30 per share (based on the closing price of Globalwise shares on December 28, 2012, the
immediately preceding business day). Prior to the above referenced conversion, aggregate amount of debt in the amount of $919,626
held by Intellinetics (the &ldquo;$919,626 of Intellinetics Notes&rdquo;) was assigned to Globalwise, and Globalwise issued $919,626
of Globalwise convertible promissory notes to the holders of $919,626 of Intellinetics Notes in exchange for the note holders discharging
the $919,626 of Intellinetics Notes. Following the issuance of $919,626 Globalwise convertible promissory notes, the convertible
promissory note holders converted such convertible promissory notes into 3,065,423 restricted shares of Globalwise. Additionally,
$25,000 of Globalwise debt and its related interest amount of $1,103 was discharged by Roy Haddix (a Director of the Company) in
exchange for Globalwise issuing a convertible promissory note for $26,103 to Mr. Haddix who then converted the $26,103 convertible
promissory note into 87,009 restricted shares of Globalwise. The issuance of restricted shares in the amount of 3,152,432 referenced
above were issued in reliance on an exemption from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended,
and Rule 506 of Regulation D, as promulgated by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As disclosed below, effective December 31, 2012, Intellinetics
and the Ohio State Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December
31, 2012 Modification #1&rdquo;) relating to the June 17, 2009 note payable issued by Intellinetics to the Ohio State Development
Authority in the amount of $1,012,500, bearing interest at a rate of 6.00% per annum. Pursuant to the December 31, 2012 Modification
#1, the Ohio State Development Authority deferred principal and interest payment for a six month period from December 1, 2012 to
May 1, 2013, with the next principal and interest payment due on June 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As disclosed below, effective December 31, 2012, Intellinetics
and the Ohio State Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December
31, 2012 Modification #2&rdquo;) relating to the June 3, 2011 note payable issued by Intellinetics to the Ohio State Development
Authority in the amount of $750,000, bearing interest at a rate of 1.00% per annum for the first 12 months, then interest at rate
of 7.00% per annum for the second 12 months. Pursuant to the December 31, 2012 Modification #2, the Ohio State Development Authority
deferred interest payment for a six month period from December 1, 2012 to May 1, 2013, with the next interest payment due on June
1, 2013. Under the terms of the June 3, 2011 note, Intellinetics is not obligated to remit payments of principal until September
1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#1 with the consent of Alpharion Capital Partners, Inc. (the holder of Note Combination #1) in the aggregate principal amount of
$118, 556 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of
note agreement with Alpharion Capital Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered the Note Combination
#1 to Globalwise and discharged the principal amount due under Note Combination #1 in consideration for Globalwise issuing to Alpharion
a convertible promissory note in the amount of $118,556 due January 28, 2013 at an interest rate of 3.25%. On December 31, 2012,
Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory note
to Globalwise and Globalwise issued to Alpharion 395,186 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule
506 of Regulation D, as promulgated by the SEC. The summary of the terms of the Note Combination #1 contained herein is qualified
in its entirety by reference to Exhibit 10.1 filed with the Current Report on Form 8-K on September 7, 2012. The summary of the
assignment and assumption of Note Combination #1 between Intellinetics, Alpharion and Globalwise contained herein is qualified
in its entirety by reference to Exhibit 10.1 to this Current Report. The summary of the satisfaction of note agreement between
Globalwise and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.2 to this Current Report. The
summary of the convertible promissory note between Globalwise and Alpharion contained herein is qualified in its entirety by reference
to Exhibit 10.3 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#2 with the consent of Alpharion Capital Partners, Inc. (the holder of Note Combination #2) in the aggregate principal amount of
$115,000 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of
note agreement with Alpharion Capital Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered the Note Combination
#2 to Globalwise and discharged the principal amount due under Note Combination #2 in consideration for Globalwise issuing to Alpharion
a convertible promissory note in the amount of $115,000 due January 15, 2013 at an interest rate of 3.25%. On December 31, 2012,
Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory note
to Globalwise and Globalwise issued to Alpharion 383,333 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended , and Rule
506 of Regulation D, as promulgated by the SEC. The summary of the terms of the Note Combination #2 contained herein is qualified
in its entirety by reference to Exhibit 10.13 filed with the Current Report on Form 8-K on September 7, 2012. The summary of the
assignment and assumption of Note Combination #2 between Intellinetics, Alpharion and Globalwise contained herein is qualified
in its entirety by reference to Exhibit 10.4 to this Current Report. The summary of the satisfaction of note agreement between
Globalwise and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.5 to this Current Report. The
summary of the convertible promissory note between Globalwise and Alpharion contained herein is qualified in its entirety by reference
to Exhibit 10.6 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#4 with the consent of Alpharion Capital Partners, Inc. (the holder of Note Combination #4) in the aggregate principal amount of
$111,500 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of
note agreement with Alpharion Capital Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered the Note Combination
#4 to Globalwise and discharged the principal amount due under Note Combination #4 in consideration for Globalwise issuing to Alpharion
a convertible promissory note in the amount of $111,500 due January 15, 2013 at an interest rate of 3.25%. On December 31, 2012,
Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory note
to Globalwise and Globalwise issued to Alpharion 371,666 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule
506 of Regulation D, as promulgated by the SEC. The summary of the terms of the Note Combination #4 contained herein is qualified
in its entirety by reference to Exhibit 10.27 filed with the Current Report on Form 8-K on September 7, 2012. The summary of the
assignment and assumption of Note Combination #4 between Intellinetics, Alpharion and Globalwise contained herein is qualified
in its entirety by reference to Exhibit 10.7 to this Current Report. The summary of the satisfaction of note agreement between
Globalwise and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.8 to this Current Report. The
summary of the convertible promissory note between Globalwise and Alpharion contained herein is qualified in its entirety by reference
to Exhibit 10.9 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned $19,000 of Note
Combination #5 with the consent of Alpharion Capital Partners, Inc. (the holder of Note Combination #5) to Globalwise and Globalwise
assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion Capital
Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered a note in the amount of $19,000 to Globalwise and discharged
the principal amount due of $19,000 in consideration for Globalwise issuing to Alpharion a convertible promissory note in the amount
of $19,000 due January 15, 2013 at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised its conversion rights under
the convertible promissory note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Alpharion
63,333 restricted common shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding
business day) (subject to the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration
pursuant to Section 4(2) of the Securities Act of 1933, as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The
summary of the terms of the Note Combination #5 contained herein is qualified in its entirety by reference to Exhibit 10.34 filed
with the Current Report on Form 8-K on September 7, 2012. The summary of the assignment and assumption of the $19,000 Note between
Intellinetics, Alpharion and Globalwise contained herein is qualified in its entirety by reference to Exhibit 10.16 to this Current
Report. The summary of the satisfaction of note agreement between Globalwise and Alpharion contained herein is qualified in its
entirety by reference to Exhibit 10.17 to this Current Report. The summary of the convertible promissory note between Globalwise
and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.18 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#6 with the consent of Alpharion Capital Partners, Inc. (the holder of Note Combination #6) in the aggregate principal amount of
$94,000 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note
agreement with Alpharion Capital Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered the Note Combination #6
to Globalwise and discharged the principal amount due under Note Combination #6 in consideration for Globalwise issuing to Alpharion
a convertible promissory note in the amount of $94,000 due January 15, 2013 at an interest rate of 3.25%. On December 31, 2012,
Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory note
to Globalwise and Globalwise issued to Alpharion 313,333 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended , and Rule
506 of Regulation D, as promulgated by the SEC. The summary of the terms of the Note Combination #6 contained herein is qualified
in its entirety by reference to Exhibit 10.30 to this Current Report. The summary of the assignment and assumption of Note Combination
#6 between Intellinetics, Alpharion and Globalwise contained herein is qualified in its entirety by reference to Exhibit 10.10
to this Current Report. The summary of the satisfaction of note agreement between Globalwise and Alpharion contained herein is
qualified in its entirety by reference to Exhibit 10.11 to this Current Report. The summary of the convertible promissory note
between Globalwise and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.12 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Alpharion Note
#26 with the consent of Alpharion Capital Partners, Inc. (the holder of Alpharion Note #26) in the aggregate principal amount
of $24,000 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of
note agreement with Alpharion Capital Partners, Inc. (&ldquo;Alpharion&rdquo;) whereby Alpharion surrendered the Alpharion Note
#26 to Globalwise and discharged the principal amount due under Alpharion Note #26 in consideration for Globalwise issuing to Alpharion
a convertible promissory note in the amount of $24,000 due February 11, 2013 at an interest rate of 3.25%. On December 31, 2012,
Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory note
to Globalwise and Globalwise issued to Alpharion 80,000 restricted common shares, $0.001 par value, at $0.30 per share (based on
the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended , and Rule
506 of Regulation D, as promulgated by the SEC. The summary of the terms of the Alpharion Note #26 contained herein is qualified
in its entirety by reference to Exhibit 10.31 filed with this Current Report on Form 8-K. The summary of the assignment and assumption
of Alpharion Note #26 between Intellinetics, Alpharion and Globalwise contained herein is qualified in its entirety by reference
to Exhibit 10.13 to this Current Report. The summary of the satisfaction of note agreement between Globalwise and Alpharion contained
herein is qualified in its entirety by reference to Exhibit 10.14 to this Current Report. The summary of the convertible promissory
note between Globalwise and Alpharion contained herein is qualified in its entirety by reference to Exhibit 10.15 to this Current
Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned aggregate principal
amount of $150,000 of notes between Intellinetics and Roy Haddix, a Director of Globalwise, to Globalwise and Globalwise assumed
such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Mr. Haddix whereby Mr. Haddix
surrendered a note in the amount of $150,000 to Globalwise and discharged the principal amount due of $150,000 in consideration
for Globalwise issuing to Mr. Haddix a convertible promissory note in the amount of $150,000 due January 15, 2013 at an interest
rate of 3.25%. On December 31, 2012, Mr. Haddix exercised his conversion rights under the convertible promissory note and surrendered
the convertible promissory note to Globalwise and Globalwise issued to Mr. Haddix 500,000 restricted common shares, $0.001 par
value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to the applicable holding
period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act
of 1933, as amended, and Rule 506 of Regulation D, as promulgated by the SEC. The summary of the terms of the $150,000 Note contained
herein is qualified in its entirety by reference to Exhibit 10.19 to this Current Report. The summary of the assignment and assumption
of the $150,000 Note between Intellinetics, Mr. Haddix and Globalwise contained herein is qualified in its entirety by reference
to Exhibit 10.20 to this Current Report. The summary of the satisfaction of note agreement between Globalwise and Mr. Haddix contained
herein is qualified in its entirety by reference to Exhibit 10.21 to this Current Report. The summary of the convertible promissory
note between Globalwise and Mr. Haddix contained herein is qualified in its entirety by reference to Exhibit 10.22 to this Current
Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned the aggregate amount
of $287,571 (principal and accrued interest) of a note between Intellinetics and Robert A. Love, III, (hereinafter referred to
as &ldquo;Dr. Love&rdquo;) to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into
a satisfaction of note agreement with Dr. Love whereby Dr. Love surrendered a note with an outstanding amount of $157,292 and accrued
interest in the amount of $130,279 (for a total of $287,571) to Globalwise and discharged the principal and accrued interest in
the amount of $287,571 in consideration for Globalwise issuing to Dr. Love a convertible promissory note in the amount of $287,571
due January 1, 2014 at an interest rate of 8.65%. On December 31, 2012, Dr. Love exercised his conversion rights under the convertible
promissory note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Dr. Love 958,570 restricted
common shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject
to the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section
4(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D, as promulgated by the SEC. The summary of the terms
of the note between Intellinetics and Dr. Love contained herein is qualified in its entirety by reference to Exhibit 10.27 filed
with the Current Report on Form 8-K on February 13, 2012. The summary of the assignment and assumption of the $287,571 Note between
Intellinetics, Dr. Love and Globalwise contained herein is qualified in its entirety by reference to Exhibit 10.23 to this Current
Report. The summary of the satisfaction of note agreement between Globalwise and Dr. Love contained herein is qualified in its
entirety by reference to Exhibit 10.24 to this Current Report. The summary of the convertible promissory note between Globalwise
and Dr. Love contained herein is qualified in its entirety by reference to Exhibit 10.25 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Globalwise entered into a satisfaction
of note agreement with Mr. Haddix (a Director of the Company) whereby Mr. Haddix surrendered a note between Mr. Haddix and Globalwise
with an outstanding amount of $25,000 and accrued interest in the amount of $1,103 (for a total of $26,103) (the &ldquo;25,000
Haddix Note&rdquo;) to Globalwise and discharged the principal and accrued interest in the amount of $26,103 in consideration for
Globalwise issuing to Mr. Haddix a convertible promissory note in the amount of $26,103 due January 15, 2013 at an interest rate
of 10%. On December 31, 2012, Mr. Haddix exercised his conversion rights under the convertible promissory note and surrendered
the convertible promissory note to Globalwise and Globalwise issued to Mr. Haddix 87,009 restricted common shares, $0.001 par value,
at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to the applicable holding period
restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933,
as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The summary of the terms of the $25,000 Haddix Note contained
herein is qualified in its entirety by reference to Exhibit 10.5 filed with the Current Report on Form 8-K on December 18, 2012.
The summary of the satisfaction of note agreement between Globalwise and Mr. Haddix contained herein is qualified in its entirety
by reference to Exhibit 10.26 to this Current Report. The summary of the convertible promissory note between Globalwise and Alpharion
contained herein is qualified in its entirety by reference to Exhibit 10.27 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective December 31, 2012, Intellinetics and the Ohio State
Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December 31, 2012
Modification #1&rdquo;) relating to the June 17, 2009 note payable issued by Intellinetics to the Ohio State Development Authority
in the amount of $1,012,500, bearing interest at a rate of 6.00% per annum. Pursuant to the December 31, 2012 Modification #1,
the Ohio State Development Authority deferred principal and interest payment for a six month period from December 1, 2012 to May
1, 2013, with the next principal and interest payment due on June 1, 2013. The summary of the June 17, 2009 note contained herein
is qualified in its entirety to reference to Exhibit 10.4 filed with Current Report on Form 8-K on February 13, 2012). The summary
of the December 31, 2012 Modification #1 contained herein is qualified in its entirety by reference to Exhibit 10.28 to this Current
Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective December 31, 2012, Intellinetics and the Ohio State
Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December 31, 2012
Modification #2&rdquo;) relating to the June 3, 2011 note payable issued by Intellinetics to the Ohio State Development Authority
in the amount of $750,000, bearing interest at a rate of 1% per annum for the first 12 months, then interest at rate of 7% per
annum for the second 12 months. Pursuant to the December 31, 2012 Modification #2, the Ohio State Development Authority deferred
interest payment for a six month period from December 1, 2012 to May 1, 2013, with the next interest payment due on June 1, 2013.
Under the terms of the June 3, 2011 note, Intellinetics is not obligated to remit payments of principal September 1, 2013. The
summary of the June 3, 2011 note contained herein is qualified in its entirety to reference to Exhibit 10.7 filed with Current
Report on Form 8-K on February 13, 2012). The summary of the December 31, 2012 Modification #2 contained herein is qualified in
its entirety by reference to Exhibit 10.29 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note
Combination #1 with the consent of Alpharion (the holder of Note Combination #1) in the aggregate principal amount of $118,
556 to Globalwise and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of
note agreement with Alpharion whereby Alpharion surrendered the Note Combination #1 to Globalwise and discharged the
principal amount due under Note Combination #1 in consideration for Globalwise issuing to Alpharion a convertible promissory
note in the amount of $118,556 due January 28, 2013 at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised
its conversion rights under the convertible promissory note and surrendered the convertible promissory note to Globalwise and
Globalwise issued to Alpharion 395,186 restricted common shares, $0.001 par value, at $0.30 per share (based on the closing
price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule 144) in
reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule 506
of Regulation D, as promulgated by the SEC. The terms of the assignment and assumption, satisfaction of note agreement,
issuance of a convertible promissory note and conversion of such convertible promissory note are described in Item 1.01 of
this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#2 with the consent of Alpharion (the holder of Note Combination #2) in the aggregate principal amount of $115,000 to Globalwise
and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion
whereby Alpharion surrendered the Note Combination #2 to Globalwise and discharged the principal amount due under Note Combination
#2 in consideration for Globalwise issuing to Alpharion a convertible promissory note in the amount of $115,000 due January 15,
2013 at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised its conversion rights under the convertible promissory
note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Alpharion 383,333 restricted common
shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to
the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2)
of the Securities Act of 1933, as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the assignment
and assumption, satisfaction of note agreement, issuance of a convertible promissory note and conversion of such convertible promissory
note are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#4 with the consent of Alpharion (the holder of Note Combination #4) in the aggregate principal amount of $111,500 to Globalwise
and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion
whereby Alpharion surrendered the Note Combination #4 to Globalwise and discharged the principal amount due under Note Combination
#4 in consideration for Globalwise issuing to Alpharion a convertible promissory note in the amount of $111,500 due January 15,
2013 at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised its conversion rights under the convertible promissory
note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Alpharion 371,666 restricted common
shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to
the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2)
of the Securities Act of 1933, as amended, and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the assignment
and assumption, satisfaction of note agreement, issuance of a convertible promissory note and conversion of such convertible promissory
note are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned $19,000 of Note
Combination #5 with the consent of Alpharion (the holder of Note Combination #5) to Globalwise and Globalwise assumed such assignment.
On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion whereby Alpharion surrendered a note
in the amount of $19,000 to Globalwise and discharged the principal amount due of $19,000 in consideration for Globalwise issuing
to Alpharion a convertible promissory note in the amount of $19,000 due January 15, 2013 at an interest rate of 3.25%. On December
31, 2012, Alpharion exercised its conversion rights under the convertible promissory note and surrendered the convertible promissory
note to Globalwise and Globalwise issued to Alpharion 50,000 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended , and Rule
506 of Regulation D, as promulgated by the SEC. The terms of the assignment and assumption, satisfaction of note agreement, issuance
of a convertible promissory note and conversion of such convertible promissory note are described in Item 1.01 of this Current
Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Note Combination
#6 with the consent of Alpharion (the holder of Note Combination #6) in the aggregate principal amount of $94,000 to Globalwise
and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion
whereby Alpharion surrendered the Note Combination #6 to Globalwise and discharged the principal amount due under Note Combination
#6 in consideration for Globalwise issuing to Alpharion a convertible promissory note in the amount of $94,000 due January 15,
2013 at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised its conversion rights under the convertible promissory
note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Alpharion 313,333 restricted common
shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to
the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2)
of the Securities Act of 1933, as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the assignment
and assumption, satisfaction of note agreement, issuance of a convertible promissory note and conversion of such convertible promissory
note are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned Alpharion Note
#26 with the consent of Alpharion (the holder of Alpharion Note #26) in the aggregate principal amount of $24,000 to Globalwise
and Globalwise assumed such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Alpharion
whereby Alpharion surrendered Alpharion Note #26 to Globalwise and discharged the principal amount due under Alpharion Note #26
in consideration for Globalwise issuing to Alpharion a convertible promissory note in the amount of $24,000 due February 11, 2013
at an interest rate of 3.25%. On December 31, 2012, Alpharion exercised its conversion rights under the convertible promissory
note and surrendered the convertible promissory note to Globalwise and Globalwise issued to Alpharion 80,000 restricted common
shares, $0.001 par value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to
the applicable holding period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2)
of the Securities Act of 1933, as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the assignment
and assumption, satisfaction of note agreement, issuance of a convertible promissory note and conversion of such convertible promissory
note are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned aggregate principal
amount of $150,000 of notes between Intellinetics and Roy Haddix, a Director of Globalwise, to Globalwise and Globalwise assumed
such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Mr. Haddix whereby Mr. Haddix
surrendered a note in the amount of $150,000 to Globalwise and discharged the principal amount due of $150,000 in consideration
for Globalwise issuing to Mr. Haddix a convertible promissory note in the amount of $150,000 due January 15, 2013 at an interest
rate of 3.25%. On December 31, 2012, Mr. Haddix exercised his conversion rights under the convertible promissory note and surrendered
the convertible promissory note to Globalwise and Globalwise issued to Mr. Haddix 500,000 restricted common shares, $0.001 par
value, at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to the applicable holding
period restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act
of 1933, as amended, and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the assignment and assumption, satisfaction
of note agreement, issuance of a convertible promissory note and conversion of such convertible promissory note are described in
Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Intellinetics assigned the aggregate amount
of $287,571 (principal and accrued interest) of a note between Intellinetics and Dr. Love to Globalwise and Globalwise assumed
such assignment. On December 31, 2012, Globalwise entered into a satisfaction of note agreement with Dr. Love whereby Dr. Love
surrendered a note with an outstanding amount of $157,292 and accrued interest in the amount of $130,279 (for a total of $287,571)
to Globalwise and discharged the principal and accrued interest in the amount of $287,571 in consideration for Globalwise issuing
to Dr. Love a convertible promissory note in the amount of $287,571 due January 1, 2014 at an interest rate of 8.65%. On December
31, 2012, Dr. Love exercised his conversion rights under the convertible promissory note and surrendered the convertible promissory
note to Globalwise and Globalwise issued to Dr. Love 958,570 restricted common shares, $0.001 par value, at $0.30 per share (based
on the closing price on the immediately preceding business day) (subject to the applicable holding period restrictions under Rule
144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule
506 of Regulation D, as promulgated by the SEC. The terms of the assignment and assumption, satisfaction of note agreement, issuance
of a convertible promissory note and conversion of such convertible promissory note are described in Item 1.01 of this Current
Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, Globalwise entered into a satisfaction
of note agreement with Mr. Haddix (a Director of the Company) whereby Mr. Haddix surrendered a note between Mr. Haddix and Globalwise
with an outstanding amount of $25,000 and accrued interest in the amount of $1,103 (for a total of $26,103) (the &ldquo;25,000
Haddix Note&rdquo;) to Globalwise and discharged the principal and accrued interest in the amount of $26,103 in consideration for
Globalwise issuing to Mr. Haddix a convertible promissory note in the amount of $26,103 due January 15, 2013 at an interest rate
of 10%. On December 31, 2012, Mr. Haddix exercised his conversion rights under the convertible promissory note and surrendered
the convertible promissory note to Globalwise and Globalwise issued to Mr. Haddix 87,009 restricted common shares, $0.001 par value,
at $0.30 per share (based on the closing price on the immediately preceding business day) (subject to the applicable holding period
restrictions under Rule 144) in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933,
as amended , and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the satisfaction of note agreement, issuance
of a convertible promissory note and conversion of such convertible promissory note are described in Item 1.01 of this Current
Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective December 31, 2012, Intellinetics and the Ohio State
Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December 31, 2012
Modification #1&rdquo;) relating to the June 17, 2009 note payable issued by Intellinetics to the Ohio State Development Authority
in the amount of $1,012,500, bearing interest at a rate of 6.00% per annum. The terms of the December 31, 2012 Modification #1
are described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective December 31, 2012, Intellinetics and the Ohio State
Development Authority entered into a Notice and Acknowledgement of Modification to Payment Schedule (the &ldquo;December 31, 2012
Modification #2&rdquo;) relating to the June 3, 2011 note payable issued by Intellinetics to the Ohio State Development Authority
in the amount of $750,000, bearing interest at a rate of 1.00% per annum for the first 12 months, then interest at rate of 7.00%
per annum for the second 12 months. The terms of the December 31, 2012 Modification #2 are described in Item 1.01 of this Current
Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02. Unregistered Sale of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 31, 2012, the Company issued restricted shares in
the amount of 3,152,432 in reliance on an exemption from registration pursuant to Section 4(2) of the Securities Act of 1933, as
amended, and Rule 506 of Regulation D, as promulgated by the SEC. The terms of the issuance of such restricted shares are described
in Item 1.01 of this Current Report on Form 8-K, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">(d)<I> Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 78%; font-weight: bold">Name of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 5.4pt; padding-left: 0">10.1*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #1 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.2*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.3*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.4*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #2 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">105 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.6*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.7*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #4 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.8*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.9*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.10*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $19,000 Note between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.11*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.12*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.13*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #6 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.14*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.15*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.16*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Alpharion Note #26 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.17 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.18*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.19*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;$150,000 Note between Haddix and Intellinetics</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.20*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $150,000 Note between Intellinetics, Mr. Haddix and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.21*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.22*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.23*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $287,571 Note between Intellinetics, Dr. Love and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.24*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Dr. Love</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.25*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Dr. Love</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.26 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.27*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10. 28*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;December 31, 2012 Modification #1 between Intellinetics and the Ohio State Development Authority</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.29*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;December 31, 2012 Modification #2 between Intellinetics and the Ohio State Development Authority</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.30*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Note Combination #6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.31*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Alpharion Note #26</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be filed by amendment or as an exhibit to the Form 10-K
for the fiscal year ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: January 7, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GLOBALWISE INVESTMENTS, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ William J. Santiago</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>William J. Santiago</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 5.4pt; padding-left: 0">10.1*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #1 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.2*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.3*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.4*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #2 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">105 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.6*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.7*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #4 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.8*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.9*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.10*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $19,000 Note between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.11*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.12*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.13*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Note Combination #6 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.14*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.15*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.16*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of Alpharion Note #26 between Intellinetics, Alpharion and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.17 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.18*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.19*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;$150,000 Note between Haddix and Intellinetics</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.20*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $150,000 Note between Intellinetics, Mr. Haddix and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.21*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.22*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.23*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Assignment and assumption of the $287,571 Note between Intellinetics, Dr. Love and Globalwise</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.24*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Dr. Love</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.25*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Dr. Love</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.26 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Satisfaction of note agreement between Globalwise and Mr. Haddix</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.27*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Convertible promissory note between Globalwise and Alpharion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10. 28*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;December 31, 2012 Modification #1 between Intellinetics and the Ohio State Development Authority</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.29*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;December 31, 2012 Modification #2 between Intellinetics and the Ohio State Development Authority</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.30*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Note Combination #6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">10.31*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;Alpharion Note #26</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">* To be filed by amendment or
as an exhibit to the Form 10-K for the fiscal year ended December 31, 2012.</P>



<P STYLE="margin: 0">&nbsp;</P>

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