<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">&nbsp;</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</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"><B>FORM 8-K</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"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
April 24, 2012</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LUXEYARD, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 32%">333-168066</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 32%">30-0473898</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; font-weight: bold; text-align: center">8884 Venice Blvd.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Los Angeles, California</TD>
    <TD STYLE="padding-bottom: 1.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">90034</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: center">Registrant&rsquo;s telephone number, including area code:<B> (323) 488-3574</B></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">&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">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 (<U>see</U> General Instruction
A.2. below):</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">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- 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-size: 10pt"><TR><TD STYLE="text-align: right; 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%"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>Item
1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a private placement memorandum
(&ldquo;PPM&rdquo;), Luxeyard, Inc. (the &ldquo;Company&rdquo; or &ldquo;we&rdquo;), closed a financing on April 24, 2012, by entering
into certain Debenture Purchase Agreements (the &ldquo;Purchase Agreement&rdquo;) with certain investors (the &ldquo;Holder&rdquo;
or &ldquo;Holders&rdquo;) whereby we issued and sold to the Holders certain 10% Convertible Debentures which are convertible into
shares of our common stock (collectively, the &ldquo;Notes&rdquo;), $0.001 par value per share (the &ldquo;Shares&rdquo;), at a
conversion price of $0.30 per share, subject to adjustment.</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 aggregate original principal amount
of all Notes is $2,990,000. Based on the aggregate original principal amount sold by the Company, the maximum Shares we may be
required to issue is 9,966,667.</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"><FONT STYLE="color: black">The terms of
the Notes are as follows: (i) the maturity date is two (2) years from the date of issuance (the &ldquo;Maturity Date&rdquo;); (ii)
interest on the outstanding principal balance shall accrue at the rate of ten percent (10%) per annum; (iii) the interest shall
be compounded annually and added to the principal amount of the Notes and, at the option of the Holders, either available for conversion
into Shares or due and payable together with any unconverted or unpaid principal amount on the Maturity Date: (iv) there is mandatory
conversion of the Notes to Shares if at any time, prior to the Maturity Date, (a) </FONT>the shares of Common Stock underlying
the Notes are registered in a registration statement under the Securities Act or the shares of Common Stock underlying the Notes
are available for resale pursuant to Rule 144 or similar rule, without limitation; (b) for a period of ten (10) consecutive trading
days the closing bid price for the Shares remains at or above $1.00; and (c) the daily volume of the Shares during such consecutive
ten (10) day period is at least 50,000 shares per day<FONT STYLE="color: black">. </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-align: justify">As part of the aggregate
principal amount of the Notes, 3 FINRA registered broker-dealers sold Notes aggregating $650,000. On the sale of these
Notes, we paid cash commissions of $59,500 and issued 66,666 Shares as compensation for services to us in connection with
selling $650,000 of Notes. Additionally, an attorney of a dealer broker was paid $4,000 and issued 5,000 shares for services
in connection with the selling of Notes.</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 preceding paragraphs are qualified
in their entirety by reference to the form of Purchase Agreement and Notes incorporated by reference in Exhibit 10.1 and Exhibit
10.2 to this Current Report on Form 8-K.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">The information set forth in Item 1.01 hereof is incorporated
herein by reference in its entirety into this Item 3.02.&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: justify">Pursuant to the Purchase Agreements, we
issued to the Holders, Notes aggregating $2,990,000 that are convertible into an aggregate of 9,966,667 Shares at a conversion
price of $0.30 per share. Such securities were not registered under the Securities Act. The issuance of these securities was exempt
from registration under the safe harbor provided by Regulation D, Rule 506 and Section&nbsp;4(2) of the Securities Act. We made
this determination based on the representations of Holders, which included, in pertinent part, that such Holders were &ldquo;accredited
investors&rdquo; within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, and upon such further representations
from each Holder that (a) the Holder is acquiring the securities for his, her or its own account for investment and not for the
account of any other person and not with a view to or for distribution, assignment or resale in connection with any distribution
within the meaning of the Securities Act, (b) the Holder agrees not to sell or otherwise transfer the purchased securities unless
they are registered under the Securities Act and any applicable state securities laws, or an exemption or exemptions from such
registration are available, (c) the Holder has knowledge and experience in financial and business matters such that he, she or
it is capable of evaluating the merits and risks of an investment in us, (d) the Holder had access to all of our documents, records,
and books pertaining to the investment and was provided the opportunity to ask questions and receive answers regarding the terms
and conditions of the offering and to obtain any additional information which we possessed or were able to acquire without unreasonable
effort and expense, and (e) the Holder has no need for the liquidity in its investment in us and could afford the complete loss
of such investment. In addition, there was no general solicitation or advertising for securities issued in reliance upon Regulation
D.</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"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits</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>(d)&nbsp; Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center">Exhibit <BR> No.</TD>
    <TD STYLE="width: 7%; padding-right: 0; padding-left: 0; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 84%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">10.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0.12in">Form of Debenture Purchase Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0.12in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">10.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0.12in">Form of 10% Convertible Debenture</TD></TR>
</TABLE>
<!-- 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-size: 10pt"><TR><TD STYLE="text-align: right; 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%"><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; text-align: center"><B>SIGNATURES</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">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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>Dated: April &nbsp;27, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">LUXEYARD, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-style: italic">/s/ Braden Richter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Braden Richter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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-size: 10pt"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><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: center">&nbsp;</P>



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

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "v310873_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 18370}]
{"company-data": {"conformed-name": "Luxeyard, Inc.", "cik": "0001493587", "assigned-sic": "7389", "irs-number": "300473898", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-168066", "film-number": "12789175"}, "business-address": {"street1": "4063 GLENCOE AVE.", "street2": "SUITE A", "city": "MARINA DEL REY,", "state": "CA", "zip": "90292", "phone": "(323)-488-3574"}, "mail-address": {"street1": "4063 GLENCOE AVE.", "street2": "SUITE A", "city": "MARINA DEL REY,", "state": "CA", "zip": "90292"}, "former-company": {"former-conformed-name": "TOP GEAR INC", "date-changed": "20100607"}}
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):
April 24, 2012
LUXEYARD, INC.
(Exact name of registrant as specified in
its charter)
Delaware
333-168066
30-0473898
(State or other jurisdiction of
(Commission File Number)
(IRS Employer Identification No.)
incorporation)
8884 Venice Blvd.
Los Angeles, California
90034
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(323) 488-3574
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.
Pursuant to a private placement memorandum
("PPM"), Luxeyard, Inc. (the "Company" or "we"), closed a financing on April 24, 2012, by entering
into certain Debenture Purchase Agreements (the "Purchase Agreement") with certain investors (the "Holder"
or "Holders") whereby we issued and sold to the Holders certain 10% Convertible Debentures which are convertible into
shares of our common stock (collectively, the "Notes"), $0.001 par value per share (the "Shares"), at a
conversion price of $0.30 per share, subject to adjustment.
The aggregate original principal amount
of all Notes is $2,990,000. Based on the aggregate original principal amount sold by the Company, the maximum Shares we may be
required to issue is 9,966,667.
The terms of
the Notes are as follows: (i) the maturity date is two (2) years from the date of issuance (the "Maturity Date"); (ii)
interest on the outstanding principal balance shall accrue at the rate of ten percent (10%) per annum; (iii) the interest shall
be compounded annually and added to the principal amount of the Notes and, at the option of the Holders, either available for conversion
into Shares or due and payable together with any unconverted or unpaid principal amount on the Maturity Date: (iv) there is mandatory
conversion of the Notes to Shares if at any time, prior to the Maturity Date, (a)
the shares of Common Stock underlying
the Notes are registered in a registration statement under the Securities Act or the shares of Common Stock underlying the Notes
are available for resale pursuant to Rule 144 or similar rule, without limitation; (b) for a period of ten (10) consecutive trading
days the closing bid price for the Shares remains at or above $1.00; and (c) the daily volume of the Shares during such consecutive
ten (10) day period is at least 50,000 shares per day
.
As part of the aggregate
principal amount of the Notes, 3 FINRA registered broker-dealers sold Notes aggregating $650,000. On the sale of these
Notes, we paid cash commissions of $59,500 and issued 66,666 Shares as compensation for services to us in connection with
selling $650,000 of Notes. Additionally, an attorney of a dealer broker was paid $4,000 and issued 5,000 shares for services
in connection with the selling of Notes.
The preceding paragraphs are qualified
in their entirety by reference to the form of Purchase Agreement and Notes incorporated by reference in Exhibit 10.1 and Exhibit
10.2 to this Current Report on Form 8-K.
Item 3.02       
Unregistered Sales of Equity Securities.
The information set forth in Item 1.01 hereof is incorporated
herein by reference in its entirety into this Item 3.02.
Pursuant to the Purchase Agreements, we
issued to the Holders, Notes aggregating $2,990,000 that are convertible into an aggregate of 9,966,667 Shares at a conversion
price of $0.30 per share. Such securities were not registered under the Securities Act. The issuance of these securities was exempt
from registration under the safe harbor provided by Regulation D, Rule 506 and Section 4(2) of the Securities Act. We made
this determination based on the representations of Holders, which included, in pertinent part, that such Holders were "accredited
investors" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, and upon such further representations
from each Holder that (a) the Holder is acquiring the securities for his, her or its own account for investment and not for the
account of any other person and not with a view to or for distribution, assignment or resale in connection with any distribution
within the meaning of the Securities Act, (b) the Holder agrees not to sell or otherwise transfer the purchased securities unless
they are registered under the Securities Act and any applicable state securities laws, or an exemption or exemptions from such
registration are available, (c) the Holder has knowledge and experience in financial and business matters such that he, she or
it is capable of evaluating the merits and risks of an investment in us, (d) the Holder had access to all of our documents, records,
and books pertaining to the investment and was provided the opportunity to ask questions and receive answers regarding the terms
and conditions of the offering and to obtain any additional information which we possessed or were able to acquire without unreasonable
effort and expense, and (e) the Holder has no need for the liquidity in its investment in us and could afford the complete loss
of such investment. In addition, there was no general solicitation or advertising for securities issued in reliance upon Regulation
D.
Item 9.01             Financial
Statements and Exhibits
(d)  Exhibits.
Exhibit
No.
Description
10.1
Form of Debenture Purchase Agreement
10.2
Form of 10% Convertible Debenture
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.
Dated: April  27, 2012
LUXEYARD, INC.
By:
/s/ Braden Richter
Braden Richter
President and Chief Executive Officer