<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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>UNITED STATES</B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">Washington,
D.C. 20549</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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-transform: uppercase; text-align: center">FORM 8-K</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"><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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SECURITIES
EXCHANGE ACT OF 1934<BR STYLE="mso-special-character: line-break">
</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">Date of Report (Date of earliest event reported):
March 20, 2012</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">THWAPR, INC.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Exact Name of Registrant as Specified
in its Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">000-53640</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">26-1359430</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jurisdiction of Incorporation)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">410 South Rampart Boulevard</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 390</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Las Vegas, Nevada 89145</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Office) (Zip Code)</TD></TR>
</TABLE>
<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">Registrant's telephone number, including
area code: +1 (702) 726-6820</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-align: justify">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
(<I>see</I> General Instruction A.2 below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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.&nbsp;&nbsp;&nbsp;Entry into a Material Definitive
Agreement</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; text-align: justify">As part of the Company&rsquo;s efforts
to achieve liquidity, avoid defaults under indebtedness that was due and payable, and satisfy approximately $750,000 of additional
debt, accounts payable and accrued expense obligations owed to certain consultants, employees and vendors (the &ldquo;<U>Payables</U>&rdquo;),
in addition to seeking to raise additional working capital, the Company&rsquo;s management has commenced to implement a debt restructuring
plan (the &ldquo;<U>Restructuring Plan</U>&rdquo;).</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-align: justify">As an initial step, Messrs. Kevir Kang,
an individual who previously loaned the Company an aggregate of $1,282,320, Ron Singh, our President and CEO, who recently provided
us with a $200,000 line of credit, and Barry Hall, our Chief Financial Officer, who previously advanced approximately $117,463
to the Company, have each agreed to restructure the repayment of an aggregate of $1,664,847 (inclusive of accrued interest at 6%
per annum) of cash loans and advances made to the Company. Under the terms of the Restructuring Plan, each of these creditors have
accepted the Company&rsquo;s 6% convertible secured promissory notes payable as to principal and accrued interest on June 30, 2013
(the &ldquo;<U>New Notes</U>&rdquo;), in lieu of existing indebtedness, including the $200,000 line of credit payable on demand.
The New Notes are secured as to repayment by a first priority lien on all of the Company&rsquo;s assets and are convertible at
any time by the holder(s) into shares of the Company&rsquo;s common stock, $0.0003 par value per share (the &ldquo;Common Stock&rdquo;)
at an initial conversion price of $0.015 per share, subject to certain anti-dilution and other adjustments. On March 20, 2012,
the date of issuance of the New Notes, the closing price of the Company&rsquo;s Common Stock, as traded on the OTCQB Exchange of
the OTC Markets was $0.0138.</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-align: justify">In addition to the issuance of the New
Notes, the Company&rsquo;s management is seeking to negotiate separate settlement and deferred payment arrangements with certain
of its creditors holding Company Payables, including Bruce Goldstein, the former President and CEO of the Company. In some cases,
the Company intends to offer such creditors payment of 80% of their payables in the form of 6% Company notes payable on March 31,
2013, but subject to mandatory prepayment out of the net proceeds, if any, received by the Company in connection with any one or
more future financings, to the extent of such net proceeds that are in excess of $1.5 million. The balance of such payment would
be in the form of restricted shares of Company Common Stock which the Company proposes to issue at $0.015 per share.</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-align: justify">Pursuant to private placements of Common
Stock consummated in 2009 and 2010, the Company received a total of $2,963,500 in connection with the issuance and sale to 15 investors
(none of whom is or was a direct or indirect officer, director or affiliate of the Company) of an aggregate of 5,686,532 shares
of Common Stock at prices ranging from $0.417 to $0.833 per share. Under the terms of the securities purchase agreement, in the
event that the Company subsequently issued or sold its Common Stock (or securities convertible into or exercisable for Common Stock)
at prices below the prices paid by such investors, the Company is obligated to issue to the investors additional &ldquo;make good&rdquo;
shares to retroactively adjust the per share purchase price paid by such investors to the lowest price of Common Stock or Common
Stock equivalents subsequently issued. The Company intends to issue to such investors such additional &ldquo;make good&rdquo; shares
at a value of $0.015 per share on or about March 23, 2012. The Company will be obligated to issue as many as 191,880,135 additional
shares of Common Stock to such investors; provided, that no investor shall receive or accept such additional &ldquo;make good&rdquo;
shares that would cause such investor to beneficially own (within the meaning of Rule 13d-3 of the Securities Act of 1933, as amended)
more than 9.99% of the Company&rsquo;s outstanding Common Stock.</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-align: justify">As at the date of this Form 8-K, the Company
is authorized to issue 300,000,000 shares of Common Stock and an aggregate of 59,344,129 shares of Common Stock are issued and
outstanding.</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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-align: justify">The foregoing document and transaction
descriptions above are&nbsp;not complete and are subject to and qualified in their entirety by reference to all of the exhibits
attached hereto and incorporated herein by reference.&nbsp; The foregoing information has been disclosed herein as it is material
to the transactions and should not be construed as an offer to sell or solicitation of an offer to buy our securities.</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-align: justify">This Current Report on Form 8-K is neither
an offer to sell nor the solicitation of an offer to buy our securities or any other securities and shall not constitute an offer
to sell or solicitation of offers to buy any securities.</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-align: justify"></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 STYLE="width: 1in; font-weight: bold">Item 9</TD>
    <TD STYLE="font-weight: bold">Exhibits</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 10.1</TD>
    <TD>6% Secured Convertible Notes issued to Kevir Kang, Ron Singh and Barry Hall.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 10.2</TD>
    <TD>Form of Offer Letter to certain holders of Company Payables.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 10.3</TD>
    <TD>Form of letter to potential holders of Make Good Shares.</TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: -2in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: -2in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: -2in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; text-indent: 0.5in">&nbsp;</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>Date:&nbsp; March 23, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">THWAPR, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Barry Hall</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Barry Hall</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "v307045_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 20072}]
{"company-data": {"conformed-name": "Thwapr, Inc.", "cik": "0001451598", "assigned-sic": "5900", "irs-number": "261359430", "state-of-incorporation": "NV", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-53640", "film-number": "12712356"}, "business-address": {"street1": "220 12TH AVENUE, 3RD FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10001", "phone": "212-268-0220"}, "mail-address": {"street1": "220 12TH AVENUE, 3RD FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10001"}, "former-company": [{"former-conformed-name": "Thwapr, Inc", "date-changed": "20100421"}, {"former-conformed-name": "SeaOspa Inc", "date-changed": "20081208"}]}
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):
March 20, 2012
THWAPR, INC.
(Exact Name of Registrant as Specified
in its Charter)
Nevada
000-53640
26-1359430
(State or Other
Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
410 South Rampart Boulevard
Suite 390
Las Vegas, Nevada 89145
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including
area code: +1 (702) 726-6820
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):
¨
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
As part of the Company's efforts
to achieve liquidity, avoid defaults under indebtedness that was due and payable, and satisfy approximately $750,000 of additional
debt, accounts payable and accrued expense obligations owed to certain consultants, employees and vendors (the "
Payables
"),
in addition to seeking to raise additional working capital, the Company's management has commenced to implement a debt restructuring
plan (the "
Restructuring Plan
").
As an initial step, Messrs. Kevir Kang,
an individual who previously loaned the Company an aggregate of $1,282,320, Ron Singh, our President and CEO, who recently provided
us with a $200,000 line of credit, and Barry Hall, our Chief Financial Officer, who previously advanced approximately $117,463
to the Company, have each agreed to restructure the repayment of an aggregate of $1,664,847 (inclusive of accrued interest at 6%
per annum) of cash loans and advances made to the Company. Under the terms of the Restructuring Plan, each of these creditors have
accepted the Company's 6% convertible secured promissory notes payable as to principal and accrued interest on June 30, 2013
(the "
New Notes
"), in lieu of existing indebtedness, including the $200,000 line of credit payable on demand.
The New Notes are secured as to repayment by a first priority lien on all of the Company's assets and are convertible at
any time by the holder(s) into shares of the Company's common stock, $0.0003 par value per share (the "Common Stock")
at an initial conversion price of $0.015 per share, subject to certain anti-dilution and other adjustments. On March 20, 2012,
the date of issuance of the New Notes, the closing price of the Company's Common Stock, as traded on the OTCQB Exchange of
the OTC Markets was $0.0138.
In addition to the issuance of the New
Notes, the Company's management is seeking to negotiate separate settlement and deferred payment arrangements with certain
of its creditors holding Company Payables, including Bruce Goldstein, the former President and CEO of the Company. In some cases,
the Company intends to offer such creditors payment of 80% of their payables in the form of 6% Company notes payable on March 31,
2013, but subject to mandatory prepayment out of the net proceeds, if any, received by the Company in connection with any one or
more future financings, to the extent of such net proceeds that are in excess of $1.5 million. The balance of such payment would
be in the form of restricted shares of Company Common Stock which the Company proposes to issue at $0.015 per share.
Pursuant to private placements of Common
Stock consummated in 2009 and 2010, the Company received a total of $2,963,500 in connection with the issuance and sale to 15 investors
(none of whom is or was a direct or indirect officer, director or affiliate of the Company) of an aggregate of 5,686,532 shares
of Common Stock at prices ranging from $0.417 to $0.833 per share. Under the terms of the securities purchase agreement, in the
event that the Company subsequently issued or sold its Common Stock (or securities convertible into or exercisable for Common Stock)
at prices below the prices paid by such investors, the Company is obligated to issue to the investors additional "make good"
shares to retroactively adjust the per share purchase price paid by such investors to the lowest price of Common Stock or Common
Stock equivalents subsequently issued. The Company intends to issue to such investors such additional "make good" shares
at a value of $0.015 per share on or about March 23, 2012. The Company will be obligated to issue as many as 191,880,135 additional
shares of Common Stock to such investors; provided, that no investor shall receive or accept such additional "make good"
shares that would cause such investor to beneficially own (within the meaning of Rule 13d-3 of the Securities Act of 1933, as amended)
more than 9.99% of the Company's outstanding Common Stock.
As at the date of this Form 8-K, the Company
is authorized to issue 300,000,000 shares of Common Stock and an aggregate of 59,344,129 shares of Common Stock are issued and
outstanding.
The foregoing document and transaction
descriptions above are not complete and are subject to and qualified in their entirety by reference to all of the exhibits
attached hereto and incorporated herein by reference.  The foregoing information has been disclosed herein as it is material
to the transactions and should not be construed as an offer to sell or solicitation of an offer to buy our securities.
This Current Report on Form 8-K is neither
an offer to sell nor the solicitation of an offer to buy our securities or any other securities and shall not constitute an offer
to sell or solicitation of offers to buy any securities.
Item 9
Exhibits
Exhibit 10.1
6% Secured Convertible Notes issued to Kevir Kang, Ron Singh and Barry Hall.
Exhibit 10.2
Form of Offer Letter to certain holders of Company Payables.
Exhibit 10.3
Form of letter to potential holders of Make Good Shares.
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.
Date:  March 23, 2012
THWAPR, INC.
By:
/s/ Barry Hall
Barry Hall
Chief Financial Officer