Summary of CORNERWORLD CORP

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into Material Definitive Agreement.

On February 3, 2012, CornerWorld Corporation (the "Company") entered into amendments (collectively, the "Note Amendments") to certain of its promissory notes issued in 2008, 2009 and 2011 to the various holders thereof. The Note Amendments are attached hereto as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 10.7 and 10.8 and incorporated by reference herein. The Note Amendments revise the repayment schedules of the promissory notes such that monthly principal payments under the promissory notes are deferred by six months with the exception of Exhibit 10.6 whose payment schedule is deferred by two months. The Note Amendments also provide that interest payments on the promissory notes can either be cash settled at the end of each month or accrued and paid at a date of the Company's choosing; interest would accrue on any interest payment that the Company chose to defer.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number                             Description
  10.1            Amendment No. 3 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  IU Holdings, LP
  10.2            Amendment No. 5 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  IU Investments, LLC
  10.3            Amendment No. 4 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Internet University,
                  Inc.
  10.4            Amendment No. 4 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Marc Blumberg
  10.5            Amendment No. 4 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Marc Pickren
  10.6            Amendment No. 2 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Internet University,
                  Inc.
  10.7            Amendment No. 2 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Scott Beck
  10.8            Amendment No. 2 to Promissory Note dated as of February 3,
                  2012 between CornerWorld Corporation and  Kelly Larabee Morlan