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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549</B></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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></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 Pursuant to Section 13
OR 15(d) of The Securities Exchange Act of 1934 </B></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">Date of Report (Date of earliest event reported) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
19, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAVEDAILY, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; text-align: center">333-143039</TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center">20-8006878</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Commission File No.)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(IRS Employee Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>3020 Old Ranch
Parkway, Suite 140</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Seal Beach,
California 90740</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Address of
Principal Executive Offices)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(562) 795-7500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Issuer Telephone
Number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt; text-align: center">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 0pt 16.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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"><FONT STYLE="font-family: Wingdings 2">&#163;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Forward Looking
Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">This
Form 8-K and other reports filed by Registrant from time to time with the Securities and Exchange Commission (collectively the
&ldquo;<U>Filings</U>&rdquo;) contain or may contain forward looking statements and information that are based upon beliefs of,
and information currently available to, Registrant&rsquo;s management as well as estimates and assumptions made by Registrant&rsquo;s
management. When used in the filings the words &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;,
&ldquo;future&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo; or the negative of these terms and similar expressions as they relate
to Registrant or Registrant&rsquo;s management identify forward looking statements. Such statements reflect the current view of
Registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Registrant&rsquo;s
industry, Registrant&rsquo;s operations and results of operations. Should one or more of these risks or uncertainties materialize,
or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Although
Registrant believes that the expectations reflected in the forward looking statements are reasonable, Registrant cannot guarantee
future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities
laws of the United States, Registrant does not intend to update any of the forward-looking statements to conform these statements
to actual results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Item 1.01
Entry into a Material Definitive Agreement.</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-align: justify; text-indent: 0.5in">SaveDaily, Inc. (the
&ldquo;Company&rdquo;), along with SaveDaily.com, Inc., a wholly-owned subsidiary of the Company, previously disclosed that on
March 28, 2012 it entered into a financing agreement (the &ldquo;Financing and Security Agreement&rdquo;) with SaveDaily Partners,
L.P., a Delaware limited partnership (the &ldquo;Lender&rdquo;), pursuant to which the Lender agreed to fund up to $3,000,000 of
which an aggregate of $1,250,000 was funded as of April 13, 2012. The Financing and Security Agreement was subsequently replaced
by a new financing agreement on June 27, 2012 (the &ldquo;June Agreement&rdquo;). The June Agreement between the Company and the
Lender provides the Company with up to an additional $1,000,000 in funding ($4,000,000 in total versus $3,000,000 in the original
Financing Agreement). The June agreement also adjusted the operating profit covenant to exclude expenses related to non-cash equity
compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to stronger than expected growth, the
Company and Lender have agreed to modify the June Agreement. On October 17, 2012, the Company approved an Addendum to the June
Agreement (the &ldquo;Addendum&rdquo;) pursuant to which the Lender will waive all covenants and interest from July 1, 2012 until
January 1, 2014. Management believes that these modifications will give them the flexibility necessary to adequately prepare for
growth in the number of accounts, partners, and assets under management. In addition, the Addendum amends the Lender&rsquo;s conversion
price to $0.25 per share, which was the price of the Company&rsquo;s stock at the time the Addendum was executed.</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">The foregoing descriptions of the June
Agreement and Addendum do not purport to be a complete statement of the agreements or of the parties&rsquo; rights and obligations
under these agreements. The above descriptions are qualified in their entirety by reference to the June Agreement and Addendum.</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"><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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company previously disclosed that on
September 7, 2011, Melvin McGaughy (&ldquo;McGaughy&rdquo;) filed a complaint in United States District Court, Central District
of California (the &ldquo;McGaughy Lawsuit&rdquo;) against Harry S. Dent, Jr. (&ldquo;Dent&rdquo;) for breach of personal guaranty
and the Company agreed to pay the costs of Dent&rsquo;s defense pursuant to the Company&rsquo;s Bylaws. On July 23, 2012, Judge
James V. Selna granted a Motion for Summary Judgment in favor of the Plaintiff in the total amount of $903,607.26, plus attorneys&rsquo;
fees and costs, against Dent.</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">On October 17, 2012, pursuant to its Bylaws,
the Company resolved to indemnify Dent for the judgment rendered in the McGaughy Lawsuit (the &ldquo;Judgment&rdquo;). Contemporaneously,
SaveDaily Partners, L.P., a Delaware limited partnership, has agreed to provide the necessary funds to satisfy the Judgment through
a securities purchase agreement of 7,325,000 shares of the Company&rsquo;s common stock (&ldquo;SPA&rdquo;). The Company expects
to pay the full Summary Judgment within 90 days, at which time the case will be closed and McGaughy will have no right to seek
further claims related to this case. For further information about the SPA, please see the disclosures under Item 3.02 below, which
is incorporated herein by reference.</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"><B>Item 3.02 Unregistered Sales of Equity
Securities.</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-align: justify; background-color: white">On October 17,
2012, the Company agreed to enter into a securities purchase agreement (&ldquo;SPA&rdquo;) with SaveDaily Partners, L.P., pursuant
to which the Company would receive $1,250,000 in exchange for 7,325,000 shares of the Company&rsquo;s common stock. The SPA provides,
in relevant part, that the proceeds are to be used exclusively to satisfy the Judgment in the McGaughy Litigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For further information
about the McGhaughy Litigation, please see the disclosures under Item 2.03 above, which is incorporated herein by reference.</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"><B>Item 9.01 Financial Statements and Exhibits.</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-align: justify">(d) Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 20%">Number</TD>
    <TD STYLE="text-align: justify; width: 80%">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;None</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Signatures</U></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-indent: 0.5in">Pursuant to the requires of the Securities
Exchange Act of 1934, the registration has duly caused this report to be signed on its behalf by the undersigned who is duly authorized.</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">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>SAVEDAILY, INC.</B></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Jeff Mahony</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Jeff Mahony<BR>Chief Executive Office</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: October 23, 2012</P>

<P STYLE="margin: 0">&nbsp;</P>

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

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[{"type": "8-K", "sequence": "1", "filename": "v326515_8k.htm", "description": "8-K", "secsgml_size_bytes": 20265}]
{"company-data": {"conformed-name": "SaveDaily Inc", "cik": "0001398004", "assigned-sic": "7372", "irs-number": "208006878", "state-of-incorporation": "NV", "fiscal-year-end": "0506"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-143039", "film-number": "121175860"}, "business-address": {"street1": "3020 OLD RANCH PARKWAY, SUITE 140", "city": "SEAL BEACH", "state": "CA", "zip": "90740", "phone": "562.795.7500 EXT 101"}, "mail-address": {"street1": "3020 OLD RANCH PARKWAY, SUITE 140", "city": "SEAL BEACH", "state": "CA", "zip": "90740"}, "former-company": [{"former-conformed-name": "Nine Mile Software, Inc.", "date-changed": "20110829"}, {"former-conformed-name": "SAVEDAILY, INC.", "date-changed": "20110829"}, {"former-conformed-name": "NINE MILE SOFTWARE, INC.", "date-changed": "20070430"}]}
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, 2012
SAVEDAILY, INC.
Nevada
333-143039
20-8006878
(State or other jurisdiction of
incorporation or organization)
(Commission File No.)
(IRS Employee Identification No.)
3020 Old Ranch
Parkway, Suite 140
Seal Beach,
California 90740
(Address of
Principal Executive Offices)
(562) 795-7500
(Issuer Telephone
Number)
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))
Forward Looking
Statements
This
Form 8-K and other reports filed by Registrant from time to time with the Securities and Exchange Commission (collectively the
"
Filings
") contain or may contain forward looking statements and information that are based upon beliefs of,
and information currently available to, Registrant's management as well as estimates and assumptions made by Registrant's
management. When used in the filings the words "anticipate", "believe", "estimate", "expect",
"future", "intend", "plan" or the negative of these terms and similar expressions as they relate
to Registrant or Registrant's management identify forward looking statements. Such statements reflect the current view of
Registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Registrant's
industry, Registrant's operations and results of operations. Should one or more of these risks or uncertainties materialize,
or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.
Although
Registrant believes that the expectations reflected in the forward looking statements are reasonable, Registrant cannot guarantee
future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities
laws of the United States, Registrant does not intend to update any of the forward-looking statements to conform these statements
to actual results.
Item 1.01
Entry into a Material Definitive Agreement.
SaveDaily, Inc. (the
"Company"), along with SaveDaily.com, Inc., a wholly-owned subsidiary of the Company, previously disclosed that on
March 28, 2012 it entered into a financing agreement (the "Financing and Security Agreement") with SaveDaily Partners,
L.P., a Delaware limited partnership (the "Lender"), pursuant to which the Lender agreed to fund up to $3,000,000 of
which an aggregate of $1,250,000 was funded as of April 13, 2012. The Financing and Security Agreement was subsequently replaced
by a new financing agreement on June 27, 2012 (the "June Agreement"). The June Agreement between the Company and the
Lender provides the Company with up to an additional $1,000,000 in funding ($4,000,000 in total versus $3,000,000 in the original
Financing Agreement). The June agreement also adjusted the operating profit covenant to exclude expenses related to non-cash equity
compensation.
Due to stronger than expected growth, the
Company and Lender have agreed to modify the June Agreement. On October 17, 2012, the Company approved an Addendum to the June
Agreement (the "Addendum") pursuant to which the Lender will waive all covenants and interest from July 1, 2012 until
January 1, 2014. Management believes that these modifications will give them the flexibility necessary to adequately prepare for
growth in the number of accounts, partners, and assets under management. In addition, the Addendum amends the Lender's conversion
price to $0.25 per share, which was the price of the Company's stock at the time the Addendum was executed.
The foregoing descriptions of the June
Agreement and Addendum do not purport to be a complete statement of the agreements or of the parties' rights and obligations
under these agreements. The above descriptions are qualified in their entirety by reference to the June Agreement and Addendum.
Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The Company previously disclosed that on
September 7, 2011, Melvin McGaughy ("McGaughy") filed a complaint in United States District Court, Central District
of California (the "McGaughy Lawsuit") against Harry S. Dent, Jr. ("Dent") for breach of personal guaranty
and the Company agreed to pay the costs of Dent's defense pursuant to the Company's Bylaws. On July 23, 2012, Judge
James V. Selna granted a Motion for Summary Judgment in favor of the Plaintiff in the total amount of $903,607.26, plus attorneys'
fees and costs, against Dent.
On October 17, 2012, pursuant to its Bylaws,
the Company resolved to indemnify Dent for the judgment rendered in the McGaughy Lawsuit (the "Judgment"). Contemporaneously,
SaveDaily Partners, L.P., a Delaware limited partnership, has agreed to provide the necessary funds to satisfy the Judgment through
a securities purchase agreement of 7,325,000 shares of the Company's common stock ("SPA"). The Company expects
to pay the full Summary Judgment within 90 days, at which time the case will be closed and McGaughy will have no right to seek
further claims related to this case. For further information about the SPA, please see the disclosures under Item 3.02 below, which
is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity
Securities.
On October 17,
2012, the Company agreed to enter into a securities purchase agreement ("SPA") with SaveDaily Partners, L.P., pursuant
to which the Company would receive $1,250,000 in exchange for 7,325,000 shares of the Company's common stock. The SPA provides,
in relevant part, that the proceeds are to be used exclusively to satisfy the Judgment in the McGaughy Litigation.
For further information
about the McGhaughy Litigation, please see the disclosures under Item 2.03 above, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Number
Description
None
Signatures
Pursuant to the requires of the Securities
Exchange Act of 1934, the registration has duly caused this report to be signed on its behalf by the undersigned who is duly authorized.
SAVEDAILY, INC.
By:
/s/ Jeff Mahony
Jeff Mahony
Chief Executive Office
Dated: October 23, 2012