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EX-99.1 - SECOND AMENDMENT TO PROMISSORY NOTE - ISECURETRAC CORPv237789_ex99-1.htm
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):
October 19, 2011

ISECURETRAC CORP.
(Exact name of registrant as specified in its charter)
 
Delaware
0-26455
(State of Formation)
(Commission File Number)
 
87-0347787
(IRS Employer Identification Number)
 
5078 South 111th Street
Omaha, NE
68137
(Address of principal executive offices)
(Zip Code)
 
(402) 537-0022
(Registrants’ telephone number, including area code)
 
Not applicable
(Former name or former address, if changed since last report)

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 October 19, 2011, iSECUREtrac Corp. (the "Company") executed a Second 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 October 20, 2011 to November 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 October 19, 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 Mykonos 6420 LP, the holder of all issued and outstanding shares 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 9.01 Financial Statements and Exhibits.
 
The following exhibits are attached to this report:
 
10.1
Second Amendment to Promissory Note, dated October 19, 2011, by and between the Company and Crestpark LP, Inc.
 
 
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.
 
     
 
ISECURETRAC CORP.
 
     
       
 
By:
/s/ Peter A. Michel  
    Peter A. Michel  
   
Chief Executive Officer
 
       
October 21, 2011
 
 
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