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):
November 17, 2011
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ISECURETRAC CORP.
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(Exact name of registrant as specified in its charter)
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Delaware
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0-26455
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(State of Formation)
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(Commission File Number)
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87-0347787
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(IRS Employer Identification Number)
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5078 South 111th Street
Omaha, NE
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68137
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(Address of principal executive offices)
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(Zip Code)
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(402) 537-0022
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(Registrants’ telephone number, including area code)
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Not applicable
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(Former name or former address, if changed since last report)
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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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(c))
Item 1.01. Entry into Material Definitive Agreement
On November 21, 2011, iSECUREtrac Corp. (the "Company") executed a Third Amendment (the “Amendment”) to its Promissory Note, dated July 22, 2011 (the “Note”) with Crestpark LP, Inc. (the "Lender") in order to extend the maturity date of the Note from November 20, 2011 to December 20, 2011. None of the other terms and conditions of the Note were affected by the Amendment. Pursuant to the Note, the Lender has agreed to advance up to $250,000 to the Company from time to time as requested by the Company to fund its working capital requirements. Borrowings under the Note bear interest at 12% per annum and once repaid, may not be re-borrowed. As of November 25, 2011, the Company had borrowed a total of $50,000 under the Note.
As the holder of all issued and outstanding shares of Series D Preferred Stock, the Lender shares the right to appoint a majority of the Company's Board of Directors with holders of the Company's Series C 8% Cumulative, Compounding Exchangeable Preferred Stock.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
See the information set forth under Item 1.01 of this Report, all of which is incorporated by reference into this Item 2.03.
Item 5.03. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 17, 2011, the Company received written notice from Ravi Nath informing the Company of his resignation from the Board of Directors of the Company. Mr. Nath is a recent recipient of Fulbright Scholarship and has resigned in order to fulfill the obligations of accepting the scholarship which, among other things, will require him to reside in Namibia.
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.
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ISECURETRAC CORP.
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By
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/s/ Peter A. Michel
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Peter A. Michel
Chief Executive Officer
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November 23, 2011
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