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 27, 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 27, 2005, the Company received funds and executed
copies of secured loan documents whereby one accredited lender provided the
Company with a loan in the aggregate principal amount of $100,000. This loan
bear interest at the rate of 12% per annum, has a default interest rate of 18%
per annum and is secured by the general intangibles of HomeNet Communications,
Inc., a subsidiary of the Company. The principal and interest owing on this loan
is due on the six month anniversary of the note 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.
This loan is one of a series of loans that was made by 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 $840,000 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 28, 2005 By /s/ Frank Gillen
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Frank Gillen
President
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