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 01/31/2007)
Med Gen Inc.
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(Exact name of registrant as specified in its charter)
Nevada 000-29171 65-0703559
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(State or other Jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
7284 West Palmetto Park Road, Suite #207, Boca Raton, FL 33433
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(Address of principal executive offices)
561-750-1100
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(Issuer's telephone number)
Not Applicable
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(Former name or former address, if changed since last report)
All Correspondence to:
Paul B Kravitz CEO
C/O Med Gen Inc.
7284 West Palmetto Park Road
Suite #207
Boca Raton, FL 33433
Item 8.01 Other Events.
On January 31st, 2007 the Company borrowed the sum of $350,000 dollars
from its lenders with all the same terms and conditions of the prior
eight tranches {$5,490,000} that the Company has received over the
past two years but for the conversion discount which remains at 40%.
As a condition for this latest tranche of funding the Company has
agreed to increase the conversion discount from 40% to 50% on the
prior debt outstanding only, of approximately $4,279,000 (tranches 1-8).
The lenders have committed to an additional tranche of $300,000 dollars
with a closing within ten days. The total of $650,000 dollars will have
a 40% convertible discount feature.
The Company intends to utilize these funds to complete its infomercials
and launch Un-Diet with a National "roll-out campaign" within 45 days
of closing of the complete funding.
The Company has announced dramatic increases in revenue over the last
60 days which is a result of their new strategic "direct to consumer"
marketing program via the Internet and other media.
In December 2006 sales exceeded $145,000 and January's final sales
figures, which already are up by more than 6,000% percent will be
released shortly.
The Company has also withdrawn its SB-2 Registration Statement filed
in August 2006 whereby it intended to register 150,000,000 shares.
The Company has 321,511,265 shares outstanding and over 3300 total
shareholders (per ADP non-objecting beneficial owners lists) as of
the date of this filing.
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.
Med Gen Inc.
Date: January 31st, 2007
/s/Paul B. Kravitz
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Paul B. Kravitz,
Chairman & Chief Executive Officer