Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously reported, on February 25 and 28, 2009, SG Telecom, Inc. received a total of 250,000,000 Yen, or approximately $2,577,000 at current exchange rates in working capital loans. The loans are expected to require a balloon payment of 250,000,000 Yen, or approximately $2,577,000 on April 30, 2009. Interest of 15.0% is to be paid starting on February 25, 2009. SG Telecom paid a 10% fee for this working capital loan.

The loans are guaranteed by Hideki Anan, Kyo Nagae, all Global Hotline affiliated entities and two directors of Global Hotline.

On approximately April 1, 2009, IA Global, Inc. pledged its ownership in Global Hotline, Inc. as collateral for the loans, subject to a thirty day notice period in the case of default under the agreement.

The amendments and agreements will be filed as exhibits to the Form 10-K for the twelve months ending March 31, 2009.