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): June 1, 2005
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FALCON RIDGE DEVELOPMENT, INC.
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(Exact name of registrant as specified in its charter)
NEVADA 0-28789 84-1461919
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jurisdiction File Number) Identification No.)
of incorporation)
5111 Juan Tabo Boulevard N.E.
Albuquerque, New Mexico 87111
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(Address of principal executive offices) (Zip Code)
505.856.6043
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Registrant's telephone number, including area code
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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:
___ 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 240.13e-4(c))
TABLE OF CONTENTS
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1.01 Entry into a material definitive agreement 3
2.03 Creation of a direct financial obligation or an obligation
under an off-balance sheet arrangement of a registrant 3
Signature 4
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
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On June 1, 2005, Sierra Norte LLC (the "Borrower"), a wholly owned subsidiary of
Falcon Ridge Development, Inc. (the "Company"), and Karen Y. Duran (the
"Lender") executed a Promissory Note (the "Note") in the amount of $200,000 with
an interest rate of 8.50% per annum. The Lender is the chief financial officer
of the Company. The principal of $200,000 and the interest of $17,000 is due on
June 1, 2006 (the "Due Date"). The unpaid principal after the Due Date will
accrue interest at a rate of 12.0% annually until paid. The purpose of the loan
was to provide working capital for the Company.
The Note provides that the following events will constitute a default of the
Borrower: (1) failure of the Borrower to pay the principal and any accrued
interest; (2) filing of bankruptcy proceedings involving the Borrower as a
debtor; (3) application for appointment of a receiver for the Borrower; (4)
making a general assignment for the benefit of the Borrower's creditors; (5) the
insolvency of the Borrower; (6) the misrepresentation by the Borrower to the
Lender for the purpose of obtaining or extending credit; or (7) death of the
lender.
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SIGNATURE
Pursuant to the requirement 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.
FALCON RIDGE DEVELOPMENT, INC
By: /s/ Fred M. Montano
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Fred M. Montano, President
Date: December 21, 2005
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