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): March 31, 2009
MAGNITUDE INFORMATION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
| 33-20432 | 75-2228828 |
| (Commission File Number) | (IRS Employer Identification No.) |
1250 Route 28, Branchburg, New Jersey 08876
(Address of principal executive offices) (Zip Code)
(908) 927-0004
(Registrant's telephone number)
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):
| 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 2.03 Creation of a Direct Financial Obligation
Discover Advisory Company, an investor and shareholder based in the Bahamas, provided the Registrant with working capital loans in the amounts of $100,000 on December 23, 2008; $150,000 on January 7, 2009; $200,000 on January 27, 2009, and; $150,000 on February 20, 2009. Management of the Registrant and the lender have been negotiating the terms of these loans and on March 31, 2009, Registrant and the lender agreed to the execution and delivery of four corporate promissory notes. Each note is payable on demand, accrues interest at the rate of ten (10%) percent, per annum, and is secured by a first security interest in the ownership shares of Kiwibox Media, Inc., Registrant’s operating subsidiary.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 10.36 | Form of Registrant’s Demand Corporate Promissory Note(s) Delivered to Discover Advisory Company in Connection with Working Capital Loans, Dated December 23, 2008, January 7, 2009, January 27, 2009 and February 20, 2009, respectively. |
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, thereunto duly authorized.
| | | |
| | MAGNITUDE INFORMATION SYSTEMS, INC. |
| | | |
| | By: | /s/ Joerg Klaube |
| | Joerg Klaube |
| | Chief Financial Officer |
Dated: April 3, 2009
