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
April 15, 2003
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(Date of Report)
Claimsnet.com Inc.
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(Exact name of registrant as specified in its charter)
Delaware 001-14665 75-2649230
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
12801 N. Central Expressway, Suite 1515, Dallas, Texas 75243
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(Address of principal executive offices)
(972) 458-1701
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS.
On April 14, 2003, Elmira United Corporation, a 5% shareholder of the
Registrant, acquired 250,000 shares of the Registrant's common stock for $50,000
by private placement. In connection with the private placement, the Registrant
also issued warrants to acquire an additional 250,000 shares of common stock.
The warrants contain an exercise price of $.20 per common share and expire on
December 31, 2007. Registrant used the proceeds from the private placement along
with $33,000 of the $200,000 proceeds from a previous exercise of warrants, as
reported on Form 8-K dated April 8, 2003, to make payments pursuant to creditor
agreements, as further described herein.
As disclosed on Form 8-K dated April 8, 2003, Registrant has entered into
contingent settlement agreements with various creditors. The agreements
generally are contingent upon the Registrant making payment within ten days of
the date of agreement. If the agreed payment is made by the Registrant, the
creditor will release the Registrant from all other liabilities. The aggregate
amount of the contingent agreements entered into require payments totaling
$217,000 to settle certain accounts payable, accrued severance and accrued
acquisition cost liabilities totaling $1,134,000. Payments totaling $134,000
pursuant to the agreements were made on April 7, 2003. The remaining payments
totaling $83,000 were made on April 14, 2003. As a result of the negotiated
agreements, the Registrant realized settlement of debt income totaling $917,000.
On April 15, 2003, Registrant issued a press release announcing the exercise of
the warrants by Elmira United Corporation, the private placement of common stock
and warrants to Elmira United Corporation, and the settlement agreements with
creditors. A copy of the press release is attached hereto as Exhibit 99.1.
SIGNATURE
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.
DATED: APRIL 15, 2003
CLAIMSNET.COM INC.
BY: /s/ Paul W. Miller
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NAME: Paul W. Miller
TITLE: Chief Operating Officer and
Chief Financial Officer