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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B> </TD></TR>
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     <TD align=center width="100%" background="" colSpan=3>&nbsp;</TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B> </TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B> </TD></TR>
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     <TD align=center width="100%" background="" colSpan=3>&nbsp;</TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B> </TD></TR>
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     <TD align=center width="100%" background="" colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B>&nbsp; </TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="30%">&nbsp;</TD>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Date of report: May 1, 2007</FONT></B> </TD></TR>
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     <TD align=center width="100%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Date of earliest event reported)</FONT> </TD></TR>
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     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">eLEC COMMUNICATIONS CORP.</FONT></B> </TD></TR>
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     <TD align=center width="100%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of Registrant as specified in its charter)</FONT> </TD></TR></TABLE><BR>
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     <TD align=center width="98%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New York</FONT></B> </TD></TR>
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     <TD align=center width="98%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(State or other jurisdiction of incorporation)</FONT> </TD></TR>
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     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=center width="48%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">0-4465</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="48%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">13-2511270</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission File No.)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(I.R.S. Employer</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="48%">&nbsp; </TD>
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     <TD noWrap align=center width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Identification No.)</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">75 South Broadway, Suite 302</FONT></B> </TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">White Plains, New York 10601</FONT></B> </TD></TR>
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     <TD align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices; zip code)</FONT> </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(914) 682-0214</FONT></B> </TD></TR>
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     <TD noWrap align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Registrant&#146;s telephone number, including area code)</FONT>&nbsp; </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">N/A</FONT></B> </TD></TR>
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     <TD noWrap align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Former Name or Former Address, if changed Since Last Report)</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left width="99%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>filing obligation of the registrant under any of the following provisions (</FONT><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>see </FONT></I><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>General Instruction A.2.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>below):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp; </TD></TR>
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     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings>&#168;</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp; </TD></TR>
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     <TD width="99%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings>&#168;</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp; </TD></TR>
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     <TD width="99%" colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left width="15%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings>&#168;</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14-2(b) under the Exchange Act (17</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>CFR 240.14d-2(b))</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings>&#168;</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13-4(e) under the Exchange Act (17</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="82%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>CFR 240.13e-4(c))</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=1>404839/04081.00042</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=center width="98%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 2 &#150; FINANCIAL INFORMATION</FONT></B> </TD></TR>
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     <TD align=center width="98%" background="" colSpan=7>&nbsp;</TD></TR>
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     <TD noWrap align=left width="15%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 2.03.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="81%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Creation of a Direct Financial Obligation or an Obligation under an Off-</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="81%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Balance Sheet Arrangement of a Registrant.</FONT></B>&nbsp; </TD></TR>
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     <TD align=left width="98%" background="" colSpan=7>&nbsp;</TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">On May 1, 2007 and on May 2, 2007, The Company sold promissory notes (&#147;Notes&#148;)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">totaling $275,000 to two investors (&#147;Investors&#148;). The Notes are unsecured and mature on</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">October 31, 2007, or sooner in the event the Company raises equity of $1 million or more.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interest is payable at an annual rate of 12%.</FONT>&nbsp; </TD></TR>
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     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
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     <TD align=center width="98%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 3 &#150; SECURITIES AND TRADING MARKETS</FONT></B> </TD></TR>
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     <TD noWrap align=left width="15%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 3.02.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="81%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Unregistered Sales of Equity Securities.</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">In conjunction with the sale of the Notes, the company issued warrants to the Investors</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and to a finder to purchase up to an aggregate of 860,000 shares of Common Stock at an exercise</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">price of $0.27 per share. Warrants for the exercise of 810,000 shares expire on May 1, 2009 and</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the remainder expires on May 1, 2010. The warrants were issued in reliance on the exemption</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">from registration provided by Section 4(2) of the Act, on the basis that their issuance did not</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">involve a public offering and satisfied the conditions of Rule 506 of the Act.</FONT>&nbsp; </TD></TR>
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     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
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     <TD align=center width="98%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 9 &#150; FINANCIAL STATEMENT AND EXHIBITS</FONT></B> </TD></TR>
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     <TD noWrap align=left width="15%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 9.01</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="81%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Financial Statements and Exhibits.</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="92%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;Exhibits.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
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     <TD noWrap align=left width="12%" colSpan=3><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;Number</FONT></U>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="78%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Documents</FONT></U>&nbsp; </TD></TR>
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     <TD align=left width="98%" background="" colSpan=7>&nbsp;</TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Form of Note.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%" background="" colSpan=7>&nbsp;</TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Form of Warrant.</FONT>&nbsp; </TD></TR>
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     <TD width="98%" colSpan=7>&nbsp;&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="98%" colSpan=7><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=1>404839/04081.00042</FONT>&nbsp; &nbsp; &nbsp; </TD></TR></TABLE><BR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B> </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">authorized.</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=left width="41%" colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="2%"></TD>
     <TD align=left width="18%" background="">&nbsp;</TD>
     <TD width="2%"></TD>
     <TD align=left width="36%" background="">eLEC COMMUNICATIONS CORP.</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
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     <TD noWrap align=left width="6%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">May 7, 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%">&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Paul H. Riss</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Paul H. Riss</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD align=center width="99%" background="" colSpan=7>&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></TD></TR></TABLE>
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{"company-data": {"conformed-name": "ELEC COMMUNICATIONS CORP", "cik": "0000090721", "assigned-sic": "4813", "irs-number": "132511270", "state-of-incorporation": "NY", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-04465", "film-number": "07824938"}, "business-address": {"street1": "75 SOUTH BROADWAY", "street2": "SUITE 302", "city": "WHITE PLAINS", "state": "NY", "zip": "10601", "phone": "914-682-0214"}, "mail-address": {"street1": "75 SOUTH BROADWAY", "street2": "SUITE 302", "city": "WHITE PLAINS", "state": "NY", "zip": "10601"}, "former-company": {"former-conformed-name": "SIRCO INTERNATIONAL CORP", "date-changed": "19920703"}}
may012007_8k.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
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: May 1, 2007
(Date of earliest event reported)
eLEC COMMUNICATIONS CORP.
(Exact name of Registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-4465
13-2511270
(Commission File No.)
(I.R.S. Employer
Identification No.)
75 South Broadway, Suite 302
White Plains, New York 10601
(Address of principal executive offices; zip code)
(914) 682-0214
(Registrant's telephone number, including area code)
N/A
(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 14-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13-4(e) under the Exchange Act (17
CFR 240.13e-4(c))
404839/04081.00042
SECTION 2 – FINANCIAL INFORMATION
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-
Balance Sheet Arrangement of a Registrant.
On May 1, 2007 and on May 2, 2007, The Company sold promissory notes ("Notes")
totaling $275,000 to two investors ("Investors"). The Notes are unsecured and mature on
October 31, 2007, or sooner in the event the Company raises equity of $1 million or more.
Interest is payable at an annual rate of 12%.
SECTION 3 – SECURITIES AND TRADING MARKETS
Item 3.02.
Unregistered Sales of Equity Securities.
In conjunction with the sale of the Notes, the company issued warrants to the Investors
and to a finder to purchase up to an aggregate of 860,000 shares of Common Stock at an exercise
price of $0.27 per share. Warrants for the exercise of 810,000 shares expire on May 1, 2009 and
the remainder expires on May 1, 2010. The warrants were issued in reliance on the exemption
from registration provided by Section 4(2) of the Act, on the basis that their issuance did not
involve a public offering and satisfied the conditions of Rule 506 of the Act.
SECTION 9 – FINANCIAL STATEMENT AND EXHIBITS
Item 9.01
Financial Statements and Exhibits.
(c)
Exhibits.
Number
Documents
10.1
Form of Note.
10.2
Form of Warrant.
404839/04081.00042
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
eLEC COMMUNICATIONS CORP.
Date:
May 7, 2007
By:
/s/ Paul H. Riss
Paul H. Riss
Chief Executive Officer
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