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TRLI > SEC Filings for TRLI > Form 8-K on 5-Dec-2013All Recent SEC Filings

Show all filings for TRULI MEDIA GROUP, INC.

Form 8-K for TRULI MEDIA GROUP, INC.


5-Dec-2013

Triggering Events That Accelerate or Increase a Direct Financial Obligati


Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On September 10, 2013, Truli Media Group, Inc. (the "Company") issued $501,337 of the Company's 12% Senior Convertible Debentures ("12% Debentures"). In connection with the transaction, the Company made certain statements or omissions, in the transaction documents, that were incorrect as of the date made. Such statements or omissions resulted in an event of default under the terms of the transaction documents and 12% Debentures. Upon such event of default: (i) the principal and accrued interest balance on the 12% Debentures increased by 150%, (ii) the interest rate increased to 18% (commencing 5 days after the event of default), and (iii) the amounts due under the 12% Debentures were accelerated and became immediately due and payable. As of the date of this report, the outstanding principal and interest balance of the 12% Debentures is approximately $783,281.

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