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): August 8, 2004
GLOBAL DIGITAL SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
NEW JERSEY 22-3392051
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
777 South Flagler Drive
West Tower, Suite 800
West Palm Beach, FL 33401
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code: 561-515-6027
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ITEM 5. OTHER EVENTS
On August 6, 2004, Global Digital secured a $3,000,000 convertible
financing facility from Laurus Master Fund, Ltd., a New York-based
institutional fund that specializes in direct investments in growing,
small capitalization company.
The financial facility is a three-year, revolving fixed price
convertible note that bears an interest rate of prime plus 8%; provided
that such interest rate will be reduced to prime plus 3% upon
completion of an equity raise satisfactory to Laurus Funds. The
structure allows for portions of the outstanding balance to be
converted into equity, thereby increasing the funding amounts available
to Global Digital.
Exhibits:
(c)10-1 Common Stock Purchase Warrant
10-2 Secured Convertible Minimum Borrowing Note
10-3 Minimum Borrowing Note Registration Rights Agreement
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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.
Date: August 16, 2004
Global Digital Solutions, Inc.
/s/Jerome C. Artigliere
By:-------------------------------
Jerome C. Artigliere
Chief Executive Officer