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 7, 2011
Solar Park Initiatives, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 333-143672 | 80-0189455 |
| (State of Other Jurisdiction of Incorporation) | (Commission File Number) | IRS Employer Identification Number) |
100 W. Main Street, Suite 200
Kingstree, SC 29556
(Address of principal executive offices)
(904) 644-6090
(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 2.04 | Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance |
On June 7, 2011, the U.S. Securities and Exchange Commission entered an Order of Suspension suspending the trading in the securities of Solar Park Initiatives, Inc. (the “Company”) effective June 7, 2011 at 9:30 a.m. EDT through June 20, 2011 at 11:59 p.m. EDT.
On February 7, 2011, the Company entered into a Securities Purchase Agreement with Asher Enterprises, Inc. ("Asher"), for the sale of an 8% convertible note in the principal amount of $60,000 (the "February 2011 Note"). The financing closed on February 10, 2011. On March 29, 2011, the Company entered into a Securities Purchase Agreement with Asher for the sale of an 8% convertible note in the principal amount of $37,500 (the "March 2011 Note"). The financing closed on March 29, 2011. On June 7, 2011, as a result of the above suspension, Asher provided the Company with a notice of default and demanded immediate payment of $146,250 under the February 2011 Note and the March 2011 Note.
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.
| | Solar Park Initiatives, Inc. | |
| | | | |
| Date: June 7, 2011 | By: | /s/ David J. Surette | |
| | | David J. Surette | |
| | | Chief Executive Officer | |
| | | | |
