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 1934
Date
of Report: November 10, 2008
a21,
Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or Other Jurisdiction of
Incorporation)
|
000-51285
(Commission
File Number)
|
74-2896910
(I.R.S.
Employer Identification No.)
|
|
7660
Centurion Parkway, Jacksonville, Florida
(Address
of Principal Executive Offices)
|
32256
(Zip
Code)
|
Registrant’s
telephone number, including areas code: (904) 565-0066
|
|
|
(Former
Name or Former Address, is Changed Since Last
Report)
|
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 A2. 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
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement.
On July
16, 2008, a21, Inc. (the “Company”) entered into a Commercial Loan Agreement
(the “Loan Agreement”) and Promissory Note (the “Note”) with Applejack Art
Partners, Inc. (the “Lender”), which provided for a line of credit of up to
$500,000 for working capital. The Note matured on November 1, 2008 and the grace
period for payment ended on November 10, 2008. The Note is secured by
the collateral specified in the Security Agreement (the “Security Agreement”),
which consists of all personal property and assets of the
Company. The total amount due pursuant to the Loan Agreement and Note
was approximately $404,000. The Company did not pay such amounts on
November 10, 2008, and is therefore in default under the Loan Agreement and the
Note. Pursuant to the Loan Agreement and the Note, the interest rate
on the principal amount of the Note will increase from 12% to 15% on November
11, 2008.
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.
a21,
INC.
|
By:
|
/s/
R. LaDuane Clifton
|
|
|
R.
LaDuane Clifton
|
|
|
Chief
Financial Officer
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Dated:
November 14, 2008