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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Amendment
No.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">Date of report (Date of earliest event reported):</TD>
    <TD STYLE="width: 62%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: justify">&nbsp;June 14, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">BOOMERANG SYSTEMS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact Name of Registrant as Specified in Charter)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">Delaware</TD>
    <TD STYLE="width: 1%; text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">000-10176</TD>
    <TD STYLE="width: 1%; text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">22-2306487</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">(State or Other Jurisdiction <BR> of Incorporation)</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-underline-style: none">(Commission</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-underline-style: none">File
        Number)</FONT></P></TD>
    <TD STYLE="text-indent: 0in; tab-stops: 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in right 6.5in; font-size: 10pt; text-decoration: none; text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-underline-style: none">(IRS
        Employer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-underline-style: none">Identification
        No.)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">30 B Vreeland Road, Florham Park, NJ 07932</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; font-size: 10pt">Registrant's telephone number, including area code:</TD>
    <TD STYLE="width: 58%; border-bottom: windowtext 1pt solid; font-size: 10pt">(973) 538-1194</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 14, 2012, Boomerang Systems, Inc. (the &ldquo;Company&rdquo;)
accepted $5.0 million in subscriptions to purchase 6% convertible promissory notes due on June 14, 2017 (&ldquo;Notes&rdquo;) in
the aggregate principal amount of $5.0 million and warrants to purchase common stock (&ldquo;Warrants&rdquo; and collectively with
the Notes, the &ldquo;Securities&rdquo;) of the Company, par value $.001 per share (&ldquo;Common Stock&rdquo;) in a private placement
(the &ldquo;Offering&rdquo;) for aggregate gross cash proceeds of $5.0 million. For each $100,000 invested, a subscriber was issued
a $100,000 principal amount Note and Warrants to purchase 20,000 shares of the Company&rsquo;s Common Stock. The Company issued
the Notes and Warrants pursuant to the subscription agreements entered into with each of the subscribers (collectively, the &ldquo;Subscribers&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Offering, the following related parties
of the Company participated in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes&nbsp;issued&nbsp;in <BR>Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants&nbsp;issued&nbsp;in <BR>Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">MRP Holdings LLC(1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">150,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sail Energy, LLC(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">510,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Heather Mulvihill(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">IA 545 Madison Assoc.(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">David Kent and Christine W. Koch(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Mark R. Patterson, the sole member of MRP Holdings LLC, is the Company&rsquo;s Chief Executive Officer and a director.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Sail Energy, LLC is owned by Gail Mulvihill, a principal stockholder and mother of Christopher Mulvihill, the Company&rsquo;s
President and director.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Heather Mulvihill is the sister-in-law of Christopher Mulvihill and daughter-in-law of Gail Mulvihill.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Burton I. Koffman, a partner of IA 545 Madison Assoc., is a principal stockholder of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>David Kent Koch is the Company&rsquo;s Chief Operating Officer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are convertible into Common Stock at $5.00 per share
(the &ldquo;Conversion Price&rdquo;), subject to weighted average adjustment for issuances of common stock or common stock equivalents
below the Conversion Price, subject to certain exceptions. Additionally, the Conversion Price may not be adjusted below $0.25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest accrues on the Notes at 6% per annum. Interest is payable
quarterly, commencing on June 30, 2012. At the Company&rsquo;s option, interest may be payable in: (i) cash or (ii) shares of the
Common Stock. If the Company elects to pay interest in shares of its Common Stock on an interest payment date, the number of shares
issuable will be equal to the quotient obtained by dividing the amount of accrued and unpaid interest payable on such interest
payment date by the lesser of: (i) the Conversion Price, and (ii) the average of the last sale price of the Common Stock during
the ten (10) consecutive trading days ending on the fifth (5th) trading day immediately preceding such interest payment date (the
&ldquo;Average Price&rdquo;), if the average daily trading volume (the &ldquo;ADTV&rdquo;) of the Common Stock for the ten (10)
trading days prior to the interest payment date is less than $100,000 per day, provided, however if the ADTV is equal to or greater
than $100,000, it will be the Average Price, and not the Conversion Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The outstanding principal amount of the Notes and accrued and
unpaid interest thereon will automatically convert into a number of shares of Common Stock determined by dividing the outstanding
principal amount of the Notes plus accrued and unpaid interest thereon, by the Conversion Price in effect on the mandatory conversion
date. The mandatory conversion date is the date on which (i) the last sale price of the Common Stock on 20 of the 30 immediately
preceding trading days equals or exceeds 200% of the Conversion Price; (ii) the shares issuable upon conversion of the Notes are
eligible for resale under an effective registration statement and/or Rule 144 promulgated under the Securities Act of 1933, as
amended, without restriction as to volume or manner of sale, and (iii) the ADTV during such 30 trading day period equals or exceeds
$500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an event of default as defined in the Notes exists, the holder
may declare the entire principal of, and all interest accrued and unpaid on, the Note then outstanding to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For so long as the Notes are outstanding, without the prior
written consent of the holders of at least a majority of the aggregate principal amount of the Notes, the Company may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>create, incur, assume or suffer to exist, any indebtedness, contingent and otherwise, which should, in accordance with generally
accepted accounting principles consistently applied, be classified upon the Company's balance sheet as liabilities and which would
be senior or pari passu in right of payment to the Notes, except for: (i) secured or unsecured debt issued to a bank or financial
institution on commercially reasonable terms, or (ii) any other debt not to exceed $5 million, individually, or in the aggregate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>and may not permit its subsidiaries to, engage in any transactions with any officer, director, employee or any affiliate of
the Company, including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest
or is an officer, director, trustee or partner, in each case in excess of $50,000, other than: (i) for payment of reasonable salary
for services actually rendered, as approved by the Board of Directors of the Company as fair in all respects to the Company, (ii)
reimbursement for expenses incurred on behalf of the Company (iii) transactions and written arrangements in existence on the date
of the initial issuance of the Notes, and any amendments, modifications, cancellations, terminations, limitations and waivers approved
by a majority of the independent disinterested directors of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>and may not permit any subsidiary to: (i) declare or pay any dividends or make any distributions to any holder(s) of Common
Stock or such subsidiaries (other than dividends and distributions from a subsidiary to the Company) or (ii) purchase or otherwise
acquire for value, directly or indirectly, any shares or other equity security of the Company, other than the Notes or Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrants are exercisable at $5.00 per share, subject to
weighted average adjustment for issuance below the exercise price, subject to certain exceptions. Additionally, the Exercise Price
may not be adjusted below $0.25. Cashless exercise is permitted if the average trading volume of the Company&rsquo;s Common Stock
during at least five (5) of the ten (10) consecutive trading days immediately preceding the date of the notice of exercise is at
least 10,000 shares, and will be based upon the average of the last sale price of the Common Stock during the five (5) consecutive
trading days prior to the notice of exercise. In certain instances, a holder shall not be permitted to exercise the Warrant if
such exercise would result in such holder&rsquo;s total ownership of the Company&rsquo;s Common Stock exceeding 4.9%. The Warrants
expire on June 14, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Offering, the Company paid a placement
agent and another registered broker-dealer cash fees of approximately $274,000 in the aggregate. The Company issued to the placement
agent warrants (the &ldquo;Placement Agent Warrants&rdquo;) to purchase 41,700 shares of Common Stock, which expire on June 14,
2017. The Placement Agent Warrants contain substantially the same terms as those issued to Subscribers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also entered into a registration rights agreement
with the Subscribers. Pursuant to the registration rights agreement, the Company agreed to file a registration statement within
90 days after the final closing date of the Offering which must occur no later than 30 days from June 14, 2012 (the &ldquo;Closing
Date&rdquo;) to register for resale the shares of Common Stock issuable upon conversion of the Notes and exercise of the Warrants
and Placement Agent Warrants (collectively, the &ldquo;Registrable Shares&rdquo;). In the event that the SEC limits the number
of Registrable Shares that may be included in the registration statement, the Company shall include only those Registrable Shares
permitted by the SEC and shall file additional registration statements at the earliest practical date as the Company is permitted
to do so in accordance with SEC guidelines. The Company shall use its best efforts to cause (i) the Registration Statement to be
effective within 150 days of the Closing Date, and (ii) any additional registration statements to be declared effective within
90 days of the required filing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that a registration statement is not filed or declared
effective by the SEC by the applicable deadline, the Company will pay to the holders of Registrable Shares an amount equal to 1%
of the original principal amount of the investor&rsquo;s Note, multiplied by a fraction with the numerator equal to the number
of Registrable Shares that were required to be included in the Registration Statement which is not so filed, declared effective
or maintained and otherwise are unsold at the time of such failure and the denominator equal to the sum of the total number of
shares issued or issuable to the Investor upon conversion of the Notes and exercise of the Warrants purchased pursuant to the Subscription
Agreement and owned by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing brief summary of the Notes, Warrants, Placement
Agent Warrants and Registration Rights Agreement is not intended to be complete and is qualified in its entirety by reference to
the documents which will be filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities sold in the Offering have not been registered
under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02 Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June 2012 in connection with the Offering, the Company issued
the Notes convertible into an initial aggregate amount of 1,000,000 shares of Common Stock, Warrants to purchase an initial aggregate
amount of 1,000,000 shares of Common Stock and Placement Agent Warrants to purchase an initial amount of 41,700 shares of Common
Stock. The terms of the Notes, Warrants and Placement Agent Warrants are described above in Items 1.01 and 2.03 which are incorporated
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company maintains that the issuance of these securities
is exempt under the Securities Act of 1933, as amended, in reliance upon the provisions of Section 4(2) and/or Regulation D promulgated
thereunder as a transaction by an issuer not involving a public offering. No underwriters were employed in the transaction. The
securities will be deemed restricted securities for purposes of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font-weight: bold; text-indent: 0">BOOMERANG SYSTEMS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 43%; border-bottom: windowtext 1pt solid">June 20, 2012</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid">/s/ Mark R. Patterson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Mark R. Patterson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<B>&nbsp;</B></P>

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{"company-data": {"conformed-name": "Boomerang Systems, Inc.", "cik": "0000314712", "assigned-sic": "3510", "irs-number": "222306487", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-10176", "film-number": "12917243"}, "business-address": {"street1": "355 MADISON AVE", "city": "MORRISTOWN", "state": "NJ", "zip": "07960", "phone": "973-538-1194"}, "mail-address": {"street1": "355 MADISON AVE", "city": "MORRISTOWN", "state": "NJ", "zip": "07960"}, "former-company": [{"former-conformed-name": "DIGITAL IMAGING RESOURCES INC.", "date-changed": "20051005"}, {"former-conformed-name": "DOMINION RESOURCES INC /DE/", "date-changed": "19960109"}, {"former-conformed-name": "NORTHERN ARIZONA GOLD & SILVER MILLING & MINING CO INC", "date-changed": "19820518"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Amendment
No.
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
June 14, 2012
BOOMERANG SYSTEMS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
000-10176
22-2306487
(State or Other Jurisdiction
of Incorporation)
(Commission
File
        Number)
(IRS
        Employer
Identification
        No.)
30 B Vreeland Road, Florham Park, NJ 07932
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(973) 538-1194
(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:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On June 14, 2012, Boomerang Systems, Inc. (the "Company")
accepted $5.0 million in subscriptions to purchase 6% convertible promissory notes due on June 14, 2017 ("Notes") in
the aggregate principal amount of $5.0 million and warrants to purchase common stock ("Warrants" and collectively with
the Notes, the "Securities") of the Company, par value $.001 per share ("Common Stock") in a private placement
(the "Offering") for aggregate gross cash proceeds of $5.0 million. For each $100,000 invested, a subscriber was issued
a $100,000 principal amount Note and Warrants to purchase 20,000 shares of the Company's Common Stock. The Company issued
the Notes and Warrants pursuant to the subscription agreements entered into with each of the subscribers (collectively, the "Subscribers").
In connection with the Offering, the following related parties
of the Company participated in the Offering.
Name
Notes issued in
Offering
Warrants issued in
Offering
MRP Holdings LLC(1)
$
150,000
30,000
Sail Energy, LLC(2)
$
510,000
102,000
Heather Mulvihill(3)
$
100,000
20,000
IA 545 Madison Assoc.(4)
$
200,000
40,000
David Kent and Christine W. Koch(5)
$
75,000
15,000
(1)
Mark R. Patterson, the sole member of MRP Holdings LLC, is the Company's Chief Executive Officer and a director.
(2)
Sail Energy, LLC is owned by Gail Mulvihill, a principal stockholder and mother of Christopher Mulvihill, the Company's
President and director.
(3)
Heather Mulvihill is the sister-in-law of Christopher Mulvihill and daughter-in-law of Gail Mulvihill.
(4)
Burton I. Koffman, a partner of IA 545 Madison Assoc., is a principal stockholder of the Company.
(5)
David Kent Koch is the Company's Chief Operating Officer.
The Notes are convertible into Common Stock at $5.00 per share
(the "Conversion Price"), subject to weighted average adjustment for issuances of common stock or common stock equivalents
below the Conversion Price, subject to certain exceptions. Additionally, the Conversion Price may not be adjusted below $0.25.
Interest accrues on the Notes at 6% per annum. Interest is payable
quarterly, commencing on June 30, 2012. At the Company's option, interest may be payable in: (i) cash or (ii) shares of the
Common Stock. If the Company elects to pay interest in shares of its Common Stock on an interest payment date, the number of shares
issuable will be equal to the quotient obtained by dividing the amount of accrued and unpaid interest payable on such interest
payment date by the lesser of: (i) the Conversion Price, and (ii) the average of the last sale price of the Common Stock during
the ten (10) consecutive trading days ending on the fifth (5th) trading day immediately preceding such interest payment date (the
"Average Price"), if the average daily trading volume (the "ADTV") of the Common Stock for the ten (10)
trading days prior to the interest payment date is less than $100,000 per day, provided, however if the ADTV is equal to or greater
than $100,000, it will be the Average Price, and not the Conversion Price.
The outstanding principal amount of the Notes and accrued and
unpaid interest thereon will automatically convert into a number of shares of Common Stock determined by dividing the outstanding
principal amount of the Notes plus accrued and unpaid interest thereon, by the Conversion Price in effect on the mandatory conversion
date. The mandatory conversion date is the date on which (i) the last sale price of the Common Stock on 20 of the 30 immediately
preceding trading days equals or exceeds 200% of the Conversion Price; (ii) the shares issuable upon conversion of the Notes are
eligible for resale under an effective registration statement and/or Rule 144 promulgated under the Securities Act of 1933, as
amended, without restriction as to volume or manner of sale, and (iii) the ADTV during such 30 trading day period equals or exceeds
$500,000.
If an event of default as defined in the Notes exists, the holder
may declare the entire principal of, and all interest accrued and unpaid on, the Note then outstanding to be due and payable.
For so long as the Notes are outstanding, without the prior
written consent of the holders of at least a majority of the aggregate principal amount of the Notes, the Company may not:
·
create, incur, assume or suffer to exist, any indebtedness, contingent and otherwise, which should, in accordance with generally
accepted accounting principles consistently applied, be classified upon the Company's balance sheet as liabilities and which would
be senior or pari passu in right of payment to the Notes, except for: (i) secured or unsecured debt issued to a bank or financial
institution on commercially reasonable terms, or (ii) any other debt not to exceed $5 million, individually, or in the aggregate;
·
and may not permit its subsidiaries to, engage in any transactions with any officer, director, employee or any affiliate of
the Company, including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest
or is an officer, director, trustee or partner, in each case in excess of $50,000, other than: (i) for payment of reasonable salary
for services actually rendered, as approved by the Board of Directors of the Company as fair in all respects to the Company, (ii)
reimbursement for expenses incurred on behalf of the Company (iii) transactions and written arrangements in existence on the date
of the initial issuance of the Notes, and any amendments, modifications, cancellations, terminations, limitations and waivers approved
by a majority of the independent disinterested directors of the Company; and
-
2
-
·
and may not permit any subsidiary to: (i) declare or pay any dividends or make any distributions to any holder(s) of Common
Stock or such subsidiaries (other than dividends and distributions from a subsidiary to the Company) or (ii) purchase or otherwise
acquire for value, directly or indirectly, any shares or other equity security of the Company, other than the Notes or Warrants.
The Warrants are exercisable at $5.00 per share, subject to
weighted average adjustment for issuance below the exercise price, subject to certain exceptions. Additionally, the Exercise Price
may not be adjusted below $0.25. Cashless exercise is permitted if the average trading volume of the Company's Common Stock
during at least five (5) of the ten (10) consecutive trading days immediately preceding the date of the notice of exercise is at
least 10,000 shares, and will be based upon the average of the last sale price of the Common Stock during the five (5) consecutive
trading days prior to the notice of exercise. In certain instances, a holder shall not be permitted to exercise the Warrant if
such exercise would result in such holder's total ownership of the Company's Common Stock exceeding 4.9%. The Warrants
expire on June 14, 2017.
In connection with the Offering, the Company paid a placement
agent and another registered broker-dealer cash fees of approximately $274,000 in the aggregate. The Company issued to the placement
agent warrants (the "Placement Agent Warrants") to purchase 41,700 shares of Common Stock, which expire on June 14,
2017. The Placement Agent Warrants contain substantially the same terms as those issued to Subscribers.
The Company also entered into a registration rights agreement
with the Subscribers. Pursuant to the registration rights agreement, the Company agreed to file a registration statement within
90 days after the final closing date of the Offering which must occur no later than 30 days from June 14, 2012 (the "Closing
Date") to register for resale the shares of Common Stock issuable upon conversion of the Notes and exercise of the Warrants
and Placement Agent Warrants (collectively, the "Registrable Shares"). In the event that the SEC limits the number
of Registrable Shares that may be included in the registration statement, the Company shall include only those Registrable Shares
permitted by the SEC and shall file additional registration statements at the earliest practical date as the Company is permitted
to do so in accordance with SEC guidelines. The Company shall use its best efforts to cause (i) the Registration Statement to be
effective within 150 days of the Closing Date, and (ii) any additional registration statements to be declared effective within
90 days of the required filing date.
In the event that a registration statement is not filed or declared
effective by the SEC by the applicable deadline, the Company will pay to the holders of Registrable Shares an amount equal to 1%
of the original principal amount of the investor's Note, multiplied by a fraction with the numerator equal to the number
of Registrable Shares that were required to be included in the Registration Statement which is not so filed, declared effective
or maintained and otherwise are unsold at the time of such failure and the denominator equal to the sum of the total number of
shares issued or issuable to the Investor upon conversion of the Notes and exercise of the Warrants purchased pursuant to the Subscription
Agreement and owned by such holder.
-
3
-
The foregoing brief summary of the Notes, Warrants, Placement
Agent Warrants and Registration Rights Agreement is not intended to be complete and is qualified in its entirety by reference to
the documents which will be filed with the Securities and Exchange Commission.
The securities sold in the Offering have not been registered
under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.
Item 3.02 Unregistered Sales of Equity Securities.
In June 2012 in connection with the Offering, the Company issued
the Notes convertible into an initial aggregate amount of 1,000,000 shares of Common Stock, Warrants to purchase an initial aggregate
amount of 1,000,000 shares of Common Stock and Placement Agent Warrants to purchase an initial amount of 41,700 shares of Common
Stock. The terms of the Notes, Warrants and Placement Agent Warrants are described above in Items 1.01 and 2.03 which are incorporated
herein.
The Company maintains that the issuance of these securities
is exempt under the Securities Act of 1933, as amended, in reliance upon the provisions of Section 4(2) and/or Regulation D promulgated
thereunder as a transaction by an issuer not involving a public offering. No underwriters were employed in the transaction. The
securities will be deemed restricted securities for purposes of the Securities Act.
-
4
-
SIGNATURE
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.
BOOMERANG SYSTEMS, INC.
Date:
June 20, 2012
By:
/s/ Mark R. Patterson
Mark R. Patterson
Chief Executive Officer
-
5
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