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<title>Homes Solutions of America, Inc. 8-K by www.edgar2.com </title>


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<p class=MsoNormal align=center style='text-align:center'><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, DC 20549</b></p>



<p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</b></p>





<p class=MsoNormal>&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; Date of Report (Date of earliest event reported)<u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April
6, 2005 (March 31, 2005)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</u></p>



<p class=MsoNormal align=center style='text-align:center'><u>&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; HOME SOLUTIONS
OF AMERICA,
INC.&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;<br>
</u>(Exact Name of
Registrant as Specified in Its Charter)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&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;&nbsp;&nbsp;Delaware&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<br>
</u>(State or Other
Jurisdiction of Incorporation)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&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;0-22388
&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;&nbsp;&nbsp;&nbsp;
&nbsp;99-0273889&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;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Commission File Number&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;
(IRS Employer Identification No.)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5565 Red Bird Center Drive, Suite 150, Dallas, Texas&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; 75237&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address
of Principal Executive Offices)&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;(Zip
Code)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&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;&nbsp;
(214) 623-8446&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>(Registrant's
Telephone Number, Including Area Code)</p>
<p class=MsoNormal align=center style='text-align:center'><u>&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;&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;&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;<br>
</u>(Former Name or
Former Address, if Changed Since Last Report)</p>





<p style='text-align:justify;text-justify:inter-ideograph;text-indent:18.0pt'>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='text-align:justify;text-justify:inter-ideograph;text-indent:18.0pt'>[_] Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:18.0pt'>[_] Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:18.0pt'>[_] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:18.0pt'>[_] 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 class=MsoNormal><b>Item 1.01.&nbsp;&nbsp; Entry into a Material Definitive
Agreement.</b></p>
<p class=MsoNormal><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>See the disclosures regarding the agreements entered into in connection with
the Merger and the Financing, along with the Supply Agreement, in Item 2.01
below.</p>
<p class=MsoNormal><b>Item 2.01. &nbsp;Completion of Acquisition
or Disposition of Assets.</b></p>



<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On March 31, 2005, Home Solutions of
America, Inc., a Delaware corporation (the &quot;Company&quot;), consummated the acquisition
of 100% of Cornerstone Building and Remodeling, Inc., a Florida corporation (&quot;Cornerstone&quot;).&nbsp;
The acquisition of Cornerstone was structured as the merger (the &quot;Merger&quot;) of
Cornerstone into a wholly-owned subsidiary of the Company (the &quot;Acquisition Subsidiary&quot;),
pursuant to a Reorganization Agreement and Plan of Merger dated February 28,
2005, which was effective as of January 3, 2005 (the &quot;Merger Agreement&quot;).&nbsp; Immediately
following the Merger, the name of the Acquisition Subsidiary was changed to &quot;Cornerstone
Building and Remodeling, Inc.&quot;&nbsp; Cornerstone, which has headquarters in Fort
Myers, Florida, near the headquarters of the Company's Southern Exposure
subsidiaries, is engaged in the business of installing custom marble and
granite countertops for residential customers.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:36.0pt'>The Company paid Anthony
Leeber, Jr., the individual who was the sole stockholder of Cornerstone prior
to the Merger (the &quot;Seller&quot;), the following consideration for his interest in Cornerstone:&nbsp;
(i) $1,700,000 cash, (ii) an unsecured promissory note of Cornerstone
(guaranteed by the Company) in the original principal amount of $2,000,000 (the
&quot;First Note&quot;), convertible into the Company's common stock , $.001 par value
per share (&quot;Common Stock&quot;), at a conversion price of $1.65 per share, bearing
interest at 7.0% per annum, with interest paid quarterly and principal paid in
a single installment on March 31, 2010, (iii) an unsecured promissory note of Cornerstone
(guaranteed by the Company) in the original principal amount of $2,300,000 (the
&quot;Second Note&quot;), bearing
interest at 7.0% per annum, with interest and principal payable in a single
installment on April 29, 2005 (the Company has the right to extend such
maturity date for 30-day periods under certain circumstances), and, if the
Second Note remains unpaid on September 26, 2005, the Seller has the right to
convert the Second Note into additional principal under the First Note, which
has the conversion feature discussed above, and (iv) 2,470,588 shares of Common
Stock (the &quot;Shares&quot;), valued at $1.70 per share. &nbsp;The Shares have not been, and
will not be, registered under the Securities Act of 1933, as amended (the
&quot;Act&quot;), and may not be offered for sale or sold absent registration under the
Act or an applicable exemption from the registration requirements of the Act.&nbsp;
The Company granted the Seller certain resale registration rights in connection
with the issuance of the Shares.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:36.0pt'>The Merger Agreement
contains certain purchase price adjustment provisions whereby the purchase
price for Cornerstone would be reduced in the event that Cornerstone's
financial statements, as audited by the Company's auditors immediately
following the closing of the Merger, fail to meet certain financial thresholds.&nbsp;
The Seller could receive earn-out payments, payable in cash or Common Stock, at
the Company's option, for calendar years 2005, 2006, and 2007, if Cornerstone's
EBITDA exceeds $2,400,000 in any of those years.&nbsp; The Seller will continue to
manage Cornerstone pursuant to an employment agreement with Cornerstone, and
the Company's Board of Directors will nominate the Seller for election to the
Company's Board of Directors at the next annual stockholders' meeting.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:36.0pt'>In addition to the
consideration paid to the Seller in the Merger, the Company injected $2,200,000
of working capital into Cornerstone upon the closing of the Merger.&nbsp; The cash
portion of the Merger and the working capital infusion were financed through $4,000,000
of mezzanine financing (the &quot;Financing&quot;) received by the Company from Petra
Mezzanine Fund, L.P., based in Nashville, Tennessee (&quot;Petra&quot;).&nbsp; The Financing
was based upon the following terms: (i) Petra's promissory note (the &quot;Petra
Note&quot;) accrues interest at 12.0% per annum, which will be due quarterly, (ii) the
$4,000,000 of principal under the Petra Note will be due in a single
installment on March 31, 2010, (iii) Petra received a warrant to purchase 533,333
shares of Common Stock at an exercise of $.01 per share, exercisable at any
time until March 31, 2012, and (iv) Petra received a second-lien security
interest in all of the assets of the Company, Cornerstone, and P.W. Stephens,
Inc., another wholly-owned subsidiary of the Company.&nbsp; </p>



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<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:36.0pt'>Simultaneously with the
closing of the Merger, and as a condition to the Merger, Cornerstone entered
into an Exclusive Supply Agreement (the &quot;Supply Agreement&quot;) with Cornerstone
Granite &amp; Marble Wholesale, Inc. (the &quot;Supplier&quot;), an affiliate of the
Seller, whereby Cornerstone committed to purchase its marble and granite
inventory exclusively from the Supplier for the next twenty years, and the
Supplier committed to provide Cornerstone with pricing based on the Supplier's direct
costs plus 20%, or such lower price that the Supplier offers any other
customer.&nbsp; In connection with the execution of the Supply Agreement, the
Company issued 1,000,000 shares of Common Stock to a consultant that was
involved with the structuring, negotiation, and finalization of the Supply
Agreement.&nbsp; In addition, the Company issued 350,000 shares of Common Stock to another
advisor for its assistance with the Merger and the Financing.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The descriptions contained herein of the
Merger, the Financing, and the documents executed in connection therewith are
qualified in their entirety by reference to the full text of the agreements that
are attached as Exhibits 2.1-2.5 and 10.1-10.6, respectively, to this Report
and incorporated herein by reference. </p>
<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'><b>
Item 2.03.&nbsp; Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</b></p>
<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See the disclosures regarding the financial obligations incurred in connection
with the Merger and the Financing in Item 2.01 above.</p>
<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'><b>
Item 3.02.&nbsp; Unregistered Sales of Equity Securities.</b></p>
<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See the disclosures regarding certain sales of equity securities of the Company
in connection with the Merger, the Financing, and the execution of the Supply
Agreement, in Item 2.01 above.&nbsp; The issuances were unregistered, as the
Company as relying on the exemptions from registration contained in Section 4(2)
of the Act, and Regulation D promulgated thereunder, on the basis that such
transactions did not involve public offerings of securities.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'><b>Item 9.01.&nbsp; Financial Statements and Exhibits.</b></p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <i>Financial Statements of
Businesses Acquired.</i></p>

<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is impractical to furnish the required
financial statements at this time.&nbsp; The financial statements will be filed
under cover of Form 8-K/A on or before June 16, 2005.</p>



<p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<i>Pro Forma Financial Information</i>.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:36.0pt'>It is impractical to furnish
the required pro forma financial information at this time.&nbsp; The requisite pro
forma financial information will be filed under cover of Form 8-K/A on or
before June 16, 2005.</p>

<p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt;text-autospace:ideograph-numeric ideograph-other'>
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <i>Exhibits</i>.&nbsp; </p>



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			<td align="left" valign="top">2.1</td>
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<p class=MsoNormal align="justify">Reorganization
Agreement and Plan of Merger, dated February 28, 2005, to be effective January
3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone
Building and Remodeling, Inc., and Anthony Leeber, Jr.</p>



			</td>
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		<tr>
			<td align="left" valign="top">2.2</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">First
Amendment to Reorganization Agreement and Plan of Merger, dated March 30, 2005,
to be effective January 3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone Building and Remodeling, Inc., and Anthony
Leeber, Jr.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.3</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $2,000,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.4</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $2,300,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.</p>



			</td>
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		<tr>
			<td align="left" valign="top">2.5</td>
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<p class=MsoNormal align="justify">Guaranty
Agreement, dated March 31, 2005, provided by Home Solutions of America, Inc. to
Anthony Leeber, Jr.</p>



			</td>
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			<td align="left" valign="top">10.1</td>
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<p class=MsoNormal align="justify">Loan
Agreement, dated March 31, 2005, by and between Home Solutions of America, Inc.
and Petra Mezzanine Fund, L.P.</p>



			</td>
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		<tr>
			<td align="left" valign="top">10.2</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $4,000,000, issued by Home Solutions
of America, Inc. to Petra Mezzanine Fund, L.P., dated March 31, 2005.</p>

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	<tr>
		<td align="left" valign="top">10.3</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Security Agreement, dated March 31, 2005, by and
		among Home Solutions of America, Inc., CBR Acquisition Corp., P.W. Stephens, Inc., and Petra Mezzanine Fund, L.P.</td>
	</tr>
	<tr>
		<td align="left" valign="top">10.4</td>
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<p class=MsoNormal align="justify">Stock Purchase Warrant, dated March 31, 2005,
issued by Home Solutions of America, Inc. to Petra Mezzanine Fund, L.P.</p>



		</td>
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	<tr>
		<td align="left" valign="top">10.5</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Investors' Rights Agreement, dated March 31, 2005, by
		and among Home Solutions of America, Inc., Petra Mezzanine Fund, L.P.,
		Frank J. Fradella and Rick J. O'Brien.</td>
	</tr>
	<tr>
		<td align="left" valign="top">10.6</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Exclusive Supply Agreement, dated March 31, 2005,
		between Cornerstone Building and Remodeling, Inc. and Cornerstone
		Granite &amp; Marble Wholesale, Inc.</td>
	</tr>
</table>












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inter-ideograph;text-indent:-36.0pt'>&nbsp;&nbsp;&nbsp;&nbsp; </p>



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inter-ideograph;text-indent:-36.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
<p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt'>&nbsp;</p>
<p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt'>&nbsp;</p>
<p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt'>&nbsp;</p>



<p class=MsoNormal style='margin-left:36.0pt;text-indent:-36.0pt'>&nbsp;</p>

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<p class=MsoNormal align=center style='text-align:center'><b><u>SIGNATURE</u></b></p>



<p class=MsoNormal style='text-indent:36.0pt'>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 class=MsoNormal style="margin-left: 3in">Home Solutions of America, Inc.<br>
(Registrant)</p>





<p class=MsoNormal style="margin-left: 3in">By:&nbsp;&nbsp; <u>/s/ Rick J. O'Brien&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;
<br>
</u>Rick
J. O'Brien<br>
Chief Financial Officer</p>
<p class=MsoNormal align="left"><br>
Dated:&nbsp; April 6, 2005</p>

<div>

<p align="center">4</div>
<p>

<br clear=ALL>



</p>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>





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style='page-break-before:always'>












<p class=MsoNormal align=center style='text-align:center'><b><u>EXHIBIT INDEX</u></b></p>



<p class=MsoNormal>Exhibit<br>
<u>Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></p>
<div align="left">
	<table border="0" width="740" id="table3" cellpadding="4">
		<tr>
			<td align="left" valign="top">2.1</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Reorganization
Agreement and Plan of Merger, dated February 28, 2005, to be effective January
3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone
Building and Remodeling, Inc., and Anthony Leeber, Jr.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.2</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">First
Amendment to Reorganization Agreement and Plan of Merger, dated March 30, 2005,
to be effective January 3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone Building and Remodeling, Inc., and Anthony
Leeber, Jr.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.3</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $2,000,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.4</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $2,300,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">2.5</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Guaranty
Agreement, dated March 31, 2005, provided by Home Solutions of America, Inc. to
Anthony Leeber, Jr.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">10.1</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Loan
Agreement, dated March 31, 2005, by and between Home Solutions of America, Inc.
and Petra Mezzanine Fund, L.P.</p>



			</td>
		</tr>
		<tr>
			<td align="left" valign="top">10.2</td>
			<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Promissory
Note, in the original principal amount of $4,000,000, issued by Home Solutions
of America, Inc. to Petra Mezzanine Fund, L.P., dated March 31, 2005.</p>

			</td>
		</tr>
	</table>
</div>
<table border="0" width="740" id="table4" cellpadding="4">
	<tr>
		<td align="left" valign="top">10.3</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Security Agreement, dated March 31, 2005, by and
		among Home Solutions of America, Inc., CBR Acquisition Corp., P.W. Stephens, Inc., and Petra Mezzanine Fund, L.P.</td>
	</tr>
	<tr>
		<td align="left" valign="top">10.4</td>
		<td width="671" align="left" valign="top">



<p class=MsoNormal align="justify">Stock Purchase Warrant, dated March 31, 2005,
issued by Home Solutions of America, Inc. to Petra Mezzanine Fund, L.P.</p>



		</td>
	</tr>
	<tr>
		<td align="left" valign="top">10.5</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Investors' Rights Agreement, dated March 31, 2005, by
		and among Home Solutions of America, Inc., Petra Mezzanine Fund, L.P.,
		Frank J. Fradella and Rick J. O'Brien.</td>
	</tr>
	<tr>
		<td align="left" valign="top">10.6</td>
		<td width="671" align="left" valign="top">
		<p align="justify">Exclusive Supply Agreement, dated March 31, 2005,
		between Cornerstone Building and Remodeling, Inc. and Cornerstone
		Granite &amp; Marble Wholesale, Inc.</td>
	</tr>
</table>

<div class=MsoNormal align=center style='text-align:center'>

<p align="justify">&nbsp;</p>
<p>5</p>

<hr size=2 width="100%" noshade color=navy align=center>

</div>







</body>

</html>
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{"company-data": {"conformed-name": "HOME SOLUTIONS OF AMERICA INC", "cik": "0000855424", "assigned-sic": "8741", "irs-number": "990273889", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31711", "film-number": "05737750"}, "business-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237", "phone": "2146238446"}, "mail-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237"}, "former-company": [{"former-conformed-name": "NEXTGEN COMMUNICATIONS CORP", "date-changed": "20010814"}, {"former-conformed-name": "U S INDUSTRIAL SERVICES INC", "date-changed": "19980629"}, {"former-conformed-name": "EIF HOLDINGS INC", "date-changed": "19930621"}]}
Homes Solutions of America, Inc. 8-K by www.edgar2.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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
6, 2005 (March 31, 2005)
HOME SOLUTIONS
OF AMERICA,
INC.
(Exact Name of
Registrant as Specified in Its Charter)
Delaware
(State or Other
Jurisdiction of Incorporation)
0-22388
                 
                                              
 99-0273889
(Commission File Number 
                  
              
(IRS Employer Identification No.)
5565 Red Bird Center Drive, Suite 150, Dallas, Texas                            
                75237
(Address
of Principal Executive Offices)       
         
                                   (Zip
Code)
(214) 623-8446
(Registrant's
Telephone Number, Including Area Code)
(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))
Item 1.01.   Entry into a Material Definitive
Agreement.
See the disclosures regarding the agreements entered into in connection with
the Merger and the Financing, along with the Supply Agreement, in Item 2.01
below.
Item 2.01.  Completion of Acquisition
or Disposition of Assets.
On March 31, 2005, Home Solutions of
America, Inc., a Delaware corporation (the "Company"), consummated the acquisition
of 100% of Cornerstone Building and Remodeling, Inc., a Florida corporation ("Cornerstone"). 
The acquisition of Cornerstone was structured as the merger (the "Merger") of
Cornerstone into a wholly-owned subsidiary of the Company (the "Acquisition Subsidiary"),
pursuant to a Reorganization Agreement and Plan of Merger dated February 28,
2005, which was effective as of January 3, 2005 (the "Merger Agreement").  Immediately
following the Merger, the name of the Acquisition Subsidiary was changed to "Cornerstone
Building and Remodeling, Inc."  Cornerstone, which has headquarters in Fort
Myers, Florida, near the headquarters of the Company's Southern Exposure
subsidiaries, is engaged in the business of installing custom marble and
granite countertops for residential customers.
The Company paid Anthony
Leeber, Jr., the individual who was the sole stockholder of Cornerstone prior
to the Merger (the "Seller"), the following consideration for his interest in Cornerstone: 
(i) $1,700,000 cash, (ii) an unsecured promissory note of Cornerstone
(guaranteed by the Company) in the original principal amount of $2,000,000 (the
"First Note"), convertible into the Company's common stock , $.001 par value
per share ("Common Stock"), at a conversion price of $1.65 per share, bearing
interest at 7.0% per annum, with interest paid quarterly and principal paid in
a single installment on March 31, 2010, (iii) an unsecured promissory note of Cornerstone
(guaranteed by the Company) in the original principal amount of $2,300,000 (the
"Second Note"), bearing
interest at 7.0% per annum, with interest and principal payable in a single
installment on April 29, 2005 (the Company has the right to extend such
maturity date for 30-day periods under certain circumstances), and, if the
Second Note remains unpaid on September 26, 2005, the Seller has the right to
convert the Second Note into additional principal under the First Note, which
has the conversion feature discussed above, and (iv) 2,470,588 shares of Common
Stock (the "Shares"), valued at $1.70 per share.  The Shares have not been, and
will not be, registered under the Securities Act of 1933, as amended (the
"Act"), and may not be offered for sale or sold absent registration under the
Act or an applicable exemption from the registration requirements of the Act. 
The Company granted the Seller certain resale registration rights in connection
with the issuance of the Shares.
The Merger Agreement
contains certain purchase price adjustment provisions whereby the purchase
price for Cornerstone would be reduced in the event that Cornerstone's
financial statements, as audited by the Company's auditors immediately
following the closing of the Merger, fail to meet certain financial thresholds. 
The Seller could receive earn-out payments, payable in cash or Common Stock, at
the Company's option, for calendar years 2005, 2006, and 2007, if Cornerstone's
EBITDA exceeds $2,400,000 in any of those years.  The Seller will continue to
manage Cornerstone pursuant to an employment agreement with Cornerstone, and
the Company's Board of Directors will nominate the Seller for election to the
Company's Board of Directors at the next annual stockholders' meeting.
In addition to the
consideration paid to the Seller in the Merger, the Company injected $2,200,000
of working capital into Cornerstone upon the closing of the Merger.  The cash
portion of the Merger and the working capital infusion were financed through $4,000,000
of mezzanine financing (the "Financing") received by the Company from Petra
Mezzanine Fund, L.P., based in Nashville, Tennessee ("Petra").  The Financing
was based upon the following terms: (i) Petra's promissory note (the "Petra
Note") accrues interest at 12.0% per annum, which will be due quarterly, (ii) the
$4,000,000 of principal under the Petra Note will be due in a single
installment on March 31, 2010, (iii) Petra received a warrant to purchase 533,333
shares of Common Stock at an exercise of $.01 per share, exercisable at any
time until March 31, 2012, and (iv) Petra received a second-lien security
interest in all of the assets of the Company, Cornerstone, and P.W. Stephens,
Inc., another wholly-owned subsidiary of the Company.
1
Simultaneously with the
closing of the Merger, and as a condition to the Merger, Cornerstone entered
into an Exclusive Supply Agreement (the "Supply Agreement") with Cornerstone
Granite & Marble Wholesale, Inc. (the "Supplier"), an affiliate of the
Seller, whereby Cornerstone committed to purchase its marble and granite
inventory exclusively from the Supplier for the next twenty years, and the
Supplier committed to provide Cornerstone with pricing based on the Supplier's direct
costs plus 20%, or such lower price that the Supplier offers any other
customer.  In connection with the execution of the Supply Agreement, the
Company issued 1,000,000 shares of Common Stock to a consultant that was
involved with the structuring, negotiation, and finalization of the Supply
Agreement.  In addition, the Company issued 350,000 shares of Common Stock to another
advisor for its assistance with the Merger and the Financing.
The descriptions contained herein of the
Merger, the Financing, and the documents executed in connection therewith are
qualified in their entirety by reference to the full text of the agreements that
are attached as Exhibits 2.1-2.5 and 10.1-10.6, respectively, to this Report
and incorporated herein by reference.
Item 2.03.  Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
See the disclosures regarding the financial obligations incurred in connection
with the Merger and the Financing in Item 2.01 above.
Item 3.02.  Unregistered Sales of Equity Securities.
See the disclosures regarding certain sales of equity securities of the Company
in connection with the Merger, the Financing, and the execution of the Supply
Agreement, in Item 2.01 above.  The issuances were unregistered, as the
Company as relying on the exemptions from registration contained in Section 4(2)
of the Act, and Regulation D promulgated thereunder, on the basis that such
transactions did not involve public offerings of securities.
Item 9.01.  Financial Statements and Exhibits.
(a)
Financial Statements of
Businesses Acquired.
It is impractical to furnish the required
financial statements at this time.  The financial statements will be filed
under cover of Form 8-K/A on or before June 16, 2005.
(b)
Pro Forma Financial Information
.
It is impractical to furnish
the required pro forma financial information at this time.  The requisite pro
forma financial information will be filed under cover of Form 8-K/A on or
before June 16, 2005.
(c)
Exhibits
.
2.1
Reorganization
Agreement and Plan of Merger, dated February 28, 2005, to be effective January
3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone
Building and Remodeling, Inc., and Anthony Leeber, Jr.
2.2
First
Amendment to Reorganization Agreement and Plan of Merger, dated March 30, 2005,
to be effective January 3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone Building and Remodeling, Inc., and Anthony
Leeber, Jr.
2.3
Promissory
Note, in the original principal amount of $2,000,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.
2.4
Promissory
Note, in the original principal amount of $2,300,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.
2.5
Guaranty
Agreement, dated March 31, 2005, provided by Home Solutions of America, Inc. to
Anthony Leeber, Jr.
10.1
Loan
Agreement, dated March 31, 2005, by and between Home Solutions of America, Inc.
and Petra Mezzanine Fund, L.P.
10.2
Promissory
Note, in the original principal amount of $4,000,000, issued by Home Solutions
of America, Inc. to Petra Mezzanine Fund, L.P., dated March 31, 2005.
2
10.3
Security Agreement, dated March 31, 2005, by and
		among Home Solutions of America, Inc., CBR Acquisition Corp., P.W. Stephens, Inc., and Petra Mezzanine Fund, L.P.
10.4
Stock Purchase Warrant, dated March 31, 2005,
issued by Home Solutions of America, Inc. to Petra Mezzanine Fund, L.P.
10.5
Investors' Rights Agreement, dated March 31, 2005, by
		and among Home Solutions of America, Inc., Petra Mezzanine Fund, L.P.,
		Frank J. Fradella and Rick J. O'Brien.
10.6
Exclusive Supply Agreement, dated March 31, 2005,
		between Cornerstone Building and Remodeling, Inc. and Cornerstone
		Granite & Marble Wholesale, Inc.
3
SIGNATURE
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.
Home Solutions of America, Inc.
(Registrant)
By:
/s/ Rick J. O'Brien
Rick
J. O'Brien
Chief Financial Officer
Dated:  April 6, 2005
4
EXHIBIT INDEX
Exhibit
Number
Description
2.1
Reorganization
Agreement and Plan of Merger, dated February 28, 2005, to be effective January
3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone
Building and Remodeling, Inc., and Anthony Leeber, Jr.
2.2
First
Amendment to Reorganization Agreement and Plan of Merger, dated March 30, 2005,
to be effective January 3, 2005, by and among Home Solutions of America, Inc., CBR Acquisition Corp., Cornerstone Building and Remodeling, Inc., and Anthony
Leeber, Jr.
2.3
Promissory
Note, in the original principal amount of $2,000,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.
2.4
Promissory
Note, in the original principal amount of $2,300,000, issued by CBR Acquisition
Corp. to Anthony Leeber, Jr., dated January 3, 2005.
2.5
Guaranty
Agreement, dated March 31, 2005, provided by Home Solutions of America, Inc. to
Anthony Leeber, Jr.
10.1
Loan
Agreement, dated March 31, 2005, by and between Home Solutions of America, Inc.
and Petra Mezzanine Fund, L.P.
10.2
Promissory
Note, in the original principal amount of $4,000,000, issued by Home Solutions
of America, Inc. to Petra Mezzanine Fund, L.P., dated March 31, 2005.
10.3
Security Agreement, dated March 31, 2005, by and
		among Home Solutions of America, Inc., CBR Acquisition Corp., P.W. Stephens, Inc., and Petra Mezzanine Fund, L.P.
10.4
Stock Purchase Warrant, dated March 31, 2005,
issued by Home Solutions of America, Inc. to Petra Mezzanine Fund, L.P.
10.5
Investors' Rights Agreement, dated March 31, 2005, by
		and among Home Solutions of America, Inc., Petra Mezzanine Fund, L.P.,
		Frank J. Fradella and Rick J. O'Brien.
10.6
Exclusive Supply Agreement, dated March 31, 2005,
		between Cornerstone Building and Remodeling, Inc. and Cornerstone
		Granite & Marble Wholesale, Inc.
5