frm8_k05082008.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): May 8, 2008
ACCOUNTABILITIES,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
(State
or other jurisdiction of incorporation)
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000-30734
(Commission
File Number)
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11-3255619
(IRS
Employer Identification Number)
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195
Route 9 South, Suite 109
Manalapan,
New Jersey 07726
(Address
of principal executive offices, including zip
code)
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Registrant’s
telephone number, including area code: (732) 333-3622
(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 (see General Instruction A.2. below):
ITEM
5.02 - DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTOR;
APPOINTMENT OF PRINCIPAL OF OFFICERS
On May 9,
2008, Jeffrey J. Raymond was appointed as Chief Executive Officer of
Accountabilities, Inc. (the “Company”). Mr. Raymond, age 50, has
provided consulting services to companies engaged in the staffing industry since
1997. Since June 2005, Mr. Raymond has provided consulting services
to the Company through Pylon Management, Inc.
During
the fiscal year ended September 30, 2007, as payment of a finder’s fee in
connection with an acquisition transaction, the Company issued Pylon Management,
Inc. 300,000 shares of its common stock and a $274,000 note bearing interest at
9% and payable in 104 equal weekly installments of $2,885. In
addition, during the fiscal years ended September 30, 2007 and 2006, the Company
paid $104,000 and $93,000, respectively, to Pylon Management, Inc. in
consideration of consulting services rendered. During the fiscal year
ended September 30, 2006, the Company issued an aggregate of 2,133,333 shares of
common stock to Pylon Management, Inc. in consideration of consulting services
totaling $374,000. Pylon Management, Inc. is owned by Mr. Raymond’s
wife, Kathy Raymond, who also owns Washington Capital LLC and is the beneficial
owner of approximately 11.7% of the Company’s common stock.
In 2007,
the Company advanced $25,000 to Washington Capital LLC, all of which was
outstanding as of March 31, 2008.
During
the fiscal year ended September 30, 2006, the Company, as payment of a finders
fee and in consideration of consulting services rendered in connection with
acquisition transactions, issued Washington Capital LLC 150,000 shares of its
common stock and a demand note in the principal amount of $150,000 and bearing
interest at the rate of 8% per annum and agreed to pay $90,000 to Washington
Capital LLC in monthly installments over a three year period. On
October 31, 2007, the Company entered into a forbearance agreement with
Washington Capital LLC, wherein Washington Capital LLC agreed to waive defaults
and refrain from exercising its rights and remedies against the Company until
October 31, 2008 in exchange for an increase in the interest rate to
13%. During the first quarter of fiscal 2008 and the fiscal years
ended September 30, 2007 and 2006, the Company made aggregate payments of
$8,100, $34,000 and $15,000, respectively, to Washington Capital LLC under the
installment agreement, and as of March 31, 2008, $104,000 was outstanding under
the demand note.
During
the second quarter of 2008, the Company issued 50,000 shares of restricted
common stock to Kathy Raymond at a price of $0.20 per share.
On May 8,
2008, the Company was advised of the resignation of Elliot Cole as a director of
the Company.
On May 9,
2008, Ronald Shapss resigned his position as a director of the
Company.
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.
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AccountAbilities,
Inc. |
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(Registrant) |
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Date:
May 13, 2008
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By:
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/s/ Jeffrey
J. Raymond |
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Name:
Jeffrey J. Raymond |
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Title:
Chief Executive Officer |
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