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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported): May 14, 2012 (May 10, 2012)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>AXION INTERNATIONAL HOLDINGS, INC.</U></B></P>

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

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

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    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Colorado</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<B>(State
or other jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>0-13111</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<B>(Commission
File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>84-0846389</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;(IRS
        Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Identification No.)</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 65%; vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>180 South Street, Suite
        104, New Providence, New Jersey</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<B>(Address
of principal executive offices)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 34%; vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>07974</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<B>(Zip
Code)</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: <U>(908) 542-0888</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Not Applicable</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Former name or
former address, if changed since last report)</B>&nbsp;</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">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):</P>

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    <TD STYLE="width: 4%; font: 10pt Wingdings; padding: 0; text-autospace: none">&uml;</TD>
    <TD STYLE="width: 96%; padding: 0; text-autospace: none; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding: 0; text-autospace: none">&uml;</TD>
    <TD STYLE="padding: 0; text-autospace: none; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding: 0; text-autospace: none">&uml;</TD>
    <TD STYLE="padding: 0; text-autospace: none; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding: 0; text-autospace: none">&uml;</TD>
    <TD STYLE="padding: 0; text-autospace: none; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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    <TD STYLE="width: 14%; padding: 0; text-autospace: none; font-size: 10pt; font-weight: bold">ITEM 4.02</TD>
    <TD STYLE="width: 86%; padding: 0; text-autospace: none; font-size: 10pt; font-weight: bold">Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<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">On May 10, 2012, Donald W. Fallon, our
chief financial officer, in consultation with our board of directors, concluded that reliance should no longer be afforded to the
Company&rsquo;s financial statements for the interim period ended September 30, 2011 and for the fiscal year ended December 31,
2011. It came to Mr. Fallon&rsquo;s attention that the Company failed to properly record a derivative liability related to the
potential issuance of approximately 3.8 million warrants exercisable at a price of $1.00 per share. These warrants were to be issued
to the holders of the Company's 10% convertible preferred stock if the Company failed to achieve at least $10,000,000 in sales
revenue for 2011. In addition, the December 31, 2011 financial statements failed to reflect the financial impact of the adjustment
from $1.25 to $1.00 of the conversion price under the Company's outstanding 10% convertible preferred stock again as a result of
the failure to achieve 2011 sales revenue of at least $10,000,000.</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, through Mr. Fallon, discussed
the issues described above with RBSM, LLP, the Company&rsquo;s independent accountant for all quarterly reporting periods in December
31, 2011 and for the fiscal year then ended.</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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;Date: May 14, 2012</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">AXION INTERNATIONAL HOLDINGS, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 49%; vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-autospace: none; font-size: 10pt">By:&nbsp;</TD>
    <TD STYLE="width: 44%; vertical-align: top; text-autospace: none; font-size: 10pt">/s/ Donald W. Fallon</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Donald W. Fallon</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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{"company-data": {"conformed-name": "AXION INTERNATIONAL HOLDINGS, INC.", "cik": "0000753048", "assigned-sic": "3086", "irs-number": "840846389", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13111", "film-number": "12839787"}, "business-address": {"street1": "180 SOUTH STREET", "street2": ".", "city": "NEW PROVIDENCE", "state": "NJ", "zip": "07974", "phone": "908-542-0888"}, "mail-address": {"street1": "180 SOUTH STREET", "street2": ".", "city": "NEW PROVIDENCE", "state": "NJ", "zip": "07974"}, "former-company": {"former-conformed-name": "ANALYTICAL SURVEYS INC", "date-changed": "19920703"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): May 14, 2012 (May 10, 2012)
AXION INTERNATIONAL HOLDINGS, INC.
(Exact name of registrant
as specified in its charter)
Colorado
(State
or other jurisdiction
of incorporation)
0-13111
(Commission
File Number)
84-0846389
(IRS
        Employer
Identification No.)
180 South Street, Suite
        104, New Providence, New Jersey
(Address
of principal executive offices)
07974
(Zip
Code)
Registrant's telephone number,
including area code:
(908) 542-0888
Not Applicable
(Former name or
former address, if changed since last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
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 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On May 10, 2012, Donald W. Fallon, our
chief financial officer, in consultation with our board of directors, concluded that reliance should no longer be afforded to the
Company's financial statements for the interim period ended September 30, 2011 and for the fiscal year ended December 31,
2011. It came to Mr. Fallon's attention that the Company failed to properly record a derivative liability related to the
potential issuance of approximately 3.8 million warrants exercisable at a price of $1.00 per share. These warrants were to be issued
to the holders of the Company's 10% convertible preferred stock if the Company failed to achieve at least $10,000,000 in sales
revenue for 2011. In addition, the December 31, 2011 financial statements failed to reflect the financial impact of the adjustment
from $1.25 to $1.00 of the conversion price under the Company's outstanding 10% convertible preferred stock again as a result of
the failure to achieve 2011 sales revenue of at least $10,000,000.
The Company, through Mr. Fallon, discussed
the issues described above with RBSM, LLP, the Company's independent accountant for all quarterly reporting periods in December
31, 2011 and for the fiscal year then ended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 14, 2012
AXION INTERNATIONAL HOLDINGS, INC.
By:
/s/ Donald W. Fallon
Donald W. Fallon
Chief Financial Officer