SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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)
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January 13, 2005
HOMENET CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-22236 33-0565710
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(State or other jurisdiction of (Commission file number) (IRS employer
incorporation) identification no.)
5252 North Edgewood Drive, Suite 310, Provo, Utah 84604
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(Address of principal executive offices) (Zip code)
(801) 502-6100
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(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 240.13c-4(c)
This document contains a total of 2 pages.
Item 1.01 Entry into a Material Definitive Agreement
On or about January 13th and 14th, the Company received funds and
executed copies of secured loan documents whereby two accredited lenders
provided the Company with loans in the aggregate principal amount of $115,000.
These loans bear interest at the rate of 12% per annum, have a default interest
rate of 18% per annum and are secured by the general intangibles of HomeNet
Communications, Inc., a subsidiary of the Company. The principal and interest
owing on these loans is due on the six month anniversary of the notes and is
convertible into either (i) common stock at the rate of $1.00 per share or (ii)
into Company securities offered in any preferred stock equity financing or
financings which occur after the date of the loans and on or prior to the
maturity date of the loans in which the gross proceeds received by the Company
meets or exceed $1,000,000 at a discount to the price paid by investors in any
such preferred stock financing. The Company does not have sufficient funding at
this time to repay the amounts borrowed and there can be no assurance that
sufficient funding will be received to repay the amounts owing.
These loan are two of a series of loans that are being made to the
Company by various lenders (the "Secured Lenders") on substantially the same
terms which loans may be in a maximum aggregate principal amount $2,000,000. At
present, Secured Loans in the principal amount of $715,000 are outstanding.
Item 9.01 Financial Statements and Exhibits
a. Financial statements of businesses acquired
Not applicable.
b. Pro forma financial information
Not applicable.
c. Exhibits
Number Description
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10.1 Form of Secured Loan Agreement with Secured Lenders
(Incorporated by reference to Exhibit 10.11 of the Company's
Form 10-QSB, dated September 30, 2004).
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.
HOMENET CORPORATION
Date: January 19, 2005 By /s/ Frank Gillen
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Frank Gillen
President
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