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

On June 22, 2009, Global Hotline's wholly owned subsidiary IA Partners Co. Ltd. ("IAP") signed an amendment with Mitsui Sumitomo Bank Co Ltd adjusting the repayment of the amount due of 137,500,000 Yen, or approximately $1,432,000 at current exchange rates, to September 22, 2009 and increasing the interest rate to 4.25%.

The working capital loan was entered into on December 26, 2006 and was for 200,000,000 Yen, or approximately $1,683,000 at then exchange rates. The loan required a quarterly payment of 12,500,000 Yen, or approximately $105,000 at then exchange rates, starting on March 20, 2007 with a final payment due on December 20, 2011. Interest of 2.00% and 3 month TIBOR was paid quarterly starting on June 20, 2007.

This loan is guaranteed by Hideki Anan, the CEO of Global Hotline.

The amendment will be filed as an exhibit to the Form 10-K for the twelve months ending March 31, 2009.

On April 30, 2009, Global Hotline entered into negotiations on $12,379,000 in debt with its Japanese banks. Global Hotline is attempting to refinance this debt on a long term basis and freeze any payments in the short term. To date, eight loans have been renegotiated. Additional details will provided with the filing of the Form 10-K for the twelve months ending March 31, 2009.