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<TITLE>Current Event Report - Form 8-K</TITLE>
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<P align=center style='font:18pt Times New Roman;margin-top:3pt;margin-bottom:0pt;color:#000000'><B>UNITED STATES</B></P>
<P align=center style='font:18pt Times New Roman;margin:0;color:#000000'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>WASHINGTON, D.C. 20549</B></P>
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<P align=center style='font:18pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>FORM 8-K</B></P>
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<P align=center style='font:13.5pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>CURRENT REPORT</B></P>
<P align=center style='font:10pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>
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<P align=center style='font:10pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>Date of Report (Date of Earliest Event Reported): June 6, 2019</B></P>
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<P align=center style='font:24pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>Geospatial Corporation</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(Exact Name of Registrant as Specified in its Charter)</B></P>
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<TR><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'><B>Nevada</B></P>
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</TD><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'><B>333-04066</B></P>
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</TD><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'><B>87-0554463</B></P>
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<TR><TD valign=top style=padding:0.75pt><P align=center style='font:7.5pt Times New Roman;margin:0'><B>(State or other jurisdiction</B></P>
<P align=center style='font:7.5pt Times New Roman;margin-top:0pt;margin-bottom:0.75pt'><B>of incorporation)</B></P>
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</TD><TD valign=top style=padding:0.75pt><P align=center style='font:7.5pt Times New Roman;margin:0'><B>(Commission</B></P>
<P align=center style='font:7.5pt Times New Roman;margin-top:0pt;margin-bottom:0.75pt'><B>File Number)</B></P>
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</TD><TD valign=top style=padding:0.75pt><P align=center style='font:7.5pt Times New Roman;margin:0'><B>(IRS Employer</B></P>
<P align=center style='font:7.5pt Times New Roman;margin-top:0pt;margin-bottom:0.75pt'><B>Identification Number)</B></P>
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<P align=center style='font:10pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>229 Howes Run Road, Sarver, PA 16055</B></P>
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<P align=center style='font:10pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'><B>(724) 353-3400</B></P>
<P align=center style='font:7.5pt Times New Roman;margin:0;color:#000000'><B>(Registrant&#8217;s telephone number, including area code)</B></P>
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<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>N/A</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>(Former name or former address, if changed since last report)&#160;</P>
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<P style='font:10pt Times New Roman;margin-top:9pt;margin-bottom:0pt;color:#000000'>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>
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</TD><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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</TD><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
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</TD><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
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</TD><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;color:#000000'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:1080pt><TR><TD valign=bottom style=width:1080pt><P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>Securities registered pursuant to Section 12(b) of the Act:</P>
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<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
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<P align=right style='font:10pt Times New Roman;margin:0;margin-left:216pt;margin-right:108pt;color:#000000'>Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style='font-family:Segoe UI Symbol'>&#9744;</FONT></P>
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<P style='font:10pt Times New Roman;margin:0;color:#000000'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#160;<FONT style='font-family:Segoe UI Symbol'>&#9744;</FONT></P>
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<P style='font:6pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:72pt><P style='font:10pt Times New Roman;margin:0'><B>Item 5.02</B></P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
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<P align=justify style='font:10pt Times New Roman;margin:0'><B>&#160;</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>(a) and (b) - Resignation of Mark Smith as Chief Executive Officer</B></P>
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<P align=justify style='font:10pt Times New Roman;margin:0'>On June 6, 2019, Mark Smith resigned as Chief Executive Officer, director, and Chairman of the Board of Directors (the &#8220;Board&#8221;) of Geospatial Corporation, a Nevada corporation (the &#8220;Company), effective June 11, 2019. In connection with his resignation, Mr. Smith relinquished his role as &#8220;Principal Executive Officer&#8221; of the Company for SEC reporting purposes. Mr. Smith&#8217;s resignation as Chief Executive Officer and as Chairman of the Board did not arise from any disagreement with the Company on any matter relating to the Company&#8217;s operations, policies or practices. </P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>(c) and (d) - Appointment of David Truitt as Chief Executive Officer and Chairman of the Board of Directors</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>On June 12, 2019, acting pursuant to unanimous approval of Board, appointed David Truitt as Chief Executive Officer, director, and Chairman of the Board of the Company. &nbsp;In connection with his appointment as Chief Executive Officer, Mr. Truitt was designated as the Company&#8217;s &#8220;Principal Executive Officer&#8221; for SEC reporting purposes.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>David Truitt, age 55, has professional experience with growing technology services companies, as well as software/product development focused companies. &nbsp;Mr. Truitt was the founder, and has served as President and Chief Executive Officer of Discover Technologies, since 2010, where he is <FONT style=background-color:#FFFFFF>responsible for defining and executing corporate vision as well as providing strategic direction over company operations.&#160;</FONT> Prior to joining Discover Technologies, Mr. Truitt was the founder, and served as President and Chief Executive Officer of MicroLink LLC., which was sold in 2010. &nbsp;Mr. Truitt graduated from the University of North Carolina in 1987 with Bachelor of Arts degrees in Economics and Industrial Relations. Mr. Truitt&#8217;s experience with growing technology services companies, as well as software/product development focused companies will provide excellent synergies with our Company&#8217;s mission. &nbsp;Based on Mr. Truitt&#8217;s work experience, the Board believes that he is well qualified to serve as a director and Chief Executive Officer of the Company.</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Family Relationships</I></P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>There are no family relationships between Mr. Truitt and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 (&#8220;Regulation S-K&#8221;). &nbsp;</P>
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<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Related Party Transactions</I></P>
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<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>Mr. Truitt holds a Secured Promissory Note (the &#8220;Note&#8221;) bearing interest at 20% per annum. &nbsp;Principal and interest on the Note totaled $1,854,896 at May 31, 2019. &nbsp;The note was due on September 15, 2018. &nbsp;&#160;The Note is convertible to the Company&#8217;s common stock at price per share of the higher of 75% of the 10-day average bid price or $0.02, and is secured by substantially all the assets of the Company. &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>On March 7, 2019, Mr. Truitt loaned the Company an additional $100,000 pursuant to a Secured Promissory Note (the &#8220;March 2019 Note&#8221;) bearing interest at 10% per annum. &nbsp;Principal and interest on the March 2019 Note totaled $83,851 at May 31, 2019. &nbsp;The March 2019 Note is secured by substantially all assets of the Company. &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Material Plans, Contracts, or Arrangements</I></P>
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<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>The Company presently does not have any contracts or arrangements with Mr. Truitt. </FONT></P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>(d) - Appointment of Troy Taggart as Director </B></P>
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<P align=justify style='font:10pt Times New Roman;margin:0'>On June 12, 2019, acting pursuant to unanimous approval of the Company&#8217;s Board, Troy Taggart was appointed as a director of the Company.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>Mr. Taggart, age 53, joined the Company as an employee in 2012 and has served as our President since 2013. Mr. Taggart held executive and senior-level positions with several financial services firms prior to co-founding McKim and Company (Formerly VentureRound), a boutique investment banking firm, in 2001. Prior, Mr. Taggart served as Executive Vice President of Bacterin International from 2008 through 2012. &nbsp;Based on Mr. Taggart&#8217;s work experience, the Board believes that he is well qualified to serve as a director of the Company. </P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Family Relationships</I></P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>There are no family relationships between Mr. Taggart and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 (&#8220;Regulation S-K&#8221;)</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Related Party Transactions</I></P>
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<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>Since the beginning of the Company&#8217;s last fiscal year, the Company has not engaged in any transaction in which Mr. Taggart had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K.</P>
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<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><I>Material Plans, Contracts, or Arrangements</I></P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>The Company presently does not have any contracts or arrangements with Mr. Taggart. </FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
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<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:72pt><P align=justify style='font:10pt Times New Roman;margin:0'><B>Item 9.01</B></P>
</TD><TD valign=top><P align=justify style='font:10pt Times New Roman;margin:0'><B>Financial Statements and Exhibits.</B></P>
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<P style='font:10pt Times New Roman;margin:0;text-indent:36pt'>(d)&#160;&#160; Exhibits</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>None</B></P>
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<P align=center style='font:10pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
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<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt'>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>
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<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;Date: June 12, 2019</P>
</TD><TD colspan=2 valign=top><P style='font:10pt Times New Roman;margin:0'><B>GEOSPATIAL CORPORATION</B></P>
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</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>By:</P>
</TD><TD valign=top style='border-bottom:0.75pt solid #000000'><P style='font:10pt Times New Roman;margin:0'><I>/s/ David Truitt</I></P>
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</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Name:</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160; David Truitt</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;</P>
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<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Title:</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;Chief Executive Officer</P>
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Current Event Report - Form 8-K
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): June 6, 2019
Geospatial Corporation
(Exact Name of Registrant as Specified in its Charter)
Nevada
333-04066
87-0554463
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
229 Howes Run Road, Sarver, PA 16055
(Address of principal executive offices)
(724) 353-3400
(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:
¨
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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) and (b) - Resignation of Mark Smith as Chief Executive Officer
On June 6, 2019, Mark Smith resigned as Chief Executive Officer, director, and Chairman of the Board of Directors (the "Board") of Geospatial Corporation, a Nevada corporation (the "Company), effective June 11, 2019. In connection with his resignation, Mr. Smith relinquished his role as "Principal Executive Officer" of the Company for SEC reporting purposes. Mr. Smith's resignation as Chief Executive Officer and as Chairman of the Board did not arise from any disagreement with the Company on any matter relating to the Company's operations, policies or practices.
(c) and (d) - Appointment of David Truitt as Chief Executive Officer and Chairman of the Board of Directors
On June 12, 2019, acting pursuant to unanimous approval of Board, appointed David Truitt as Chief Executive Officer, director, and Chairman of the Board of the Company.  In connection with his appointment as Chief Executive Officer, Mr. Truitt was designated as the Company's "Principal Executive Officer" for SEC reporting purposes.
David Truitt, age 55, has professional experience with growing technology services companies, as well as software/product development focused companies.  Mr. Truitt was the founder, and has served as President and Chief Executive Officer of Discover Technologies, since 2010, where he is
responsible for defining and executing corporate vision as well as providing strategic direction over company operations.
Prior to joining Discover Technologies, Mr. Truitt was the founder, and served as President and Chief Executive Officer of MicroLink LLC., which was sold in 2010.  Mr. Truitt graduated from the University of North Carolina in 1987 with Bachelor of Arts degrees in Economics and Industrial Relations. Mr. Truitt's experience with growing technology services companies, as well as software/product development focused companies will provide excellent synergies with our Company's mission.  Based on Mr. Truitt's work experience, the Board believes that he is well qualified to serve as a director and Chief Executive Officer of the Company.
Family Relationships
There are no family relationships between Mr. Truitt and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 ("Regulation S-K").
Related Party Transactions
Mr. Truitt holds a Secured Promissory Note (the "Note") bearing interest at 20% per annum.  Principal and interest on the Note totaled $1,854,896 at May 31, 2019.  The note was due on September 15, 2018.   The Note is convertible to the Company's common stock at price per share of the higher of 75% of the 10-day average bid price or $0.02, and is secured by substantially all the assets of the Company.
On March 7, 2019, Mr. Truitt loaned the Company an additional $100,000 pursuant to a Secured Promissory Note (the "March 2019 Note") bearing interest at 10% per annum.  Principal and interest on the March 2019 Note totaled $83,851 at May 31, 2019.  The March 2019 Note is secured by substantially all assets of the Company.
Material Plans, Contracts, or Arrangements
The Company presently does not have any contracts or arrangements with Mr. Truitt.
(d) - Appointment of Troy Taggart as Director
On June 12, 2019, acting pursuant to unanimous approval of the Company's Board, Troy Taggart was appointed as a director of the Company.
Mr. Taggart, age 53, joined the Company as an employee in 2012 and has served as our President since 2013. Mr. Taggart held executive and senior-level positions with several financial services firms prior to co-founding McKim and Company (Formerly VentureRound), a boutique investment banking firm, in 2001. Prior, Mr. Taggart served as Executive Vice President of Bacterin International from 2008 through 2012.  Based on Mr. Taggart's work experience, the Board believes that he is well qualified to serve as a director of the Company.
Family Relationships
There are no family relationships between Mr. Taggart and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 ("Regulation S-K")
Related Party Transactions
Since the beginning of the Company's last fiscal year, the Company has not engaged in any transaction in which Mr. Taggart had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K.
Material Plans, Contracts, or Arrangements
The Company presently does not have any contracts or arrangements with Mr. Taggart.
Item 9.01
Financial Statements and Exhibits.
(d)   Exhibits
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 12, 2019
GEOSPATIAL CORPORATION
By:
/s/ David Truitt
Name:
David Truitt
Title:
Chief Executive Officer