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      eLinear Form 8-K 8-22-06
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      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
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      REPORT</strong></font></div>
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      TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF
      1934</strong></font></div>
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      17, 2006</strong></font></div>
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      of
      Report (date of Earliest Event Reported)</font></div>
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      INC. </strong></font></div>
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      Name of Registrant as Specified in its Charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or Other Jurisdiction of Incorporation or Organization)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File No.)</font></div>
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            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer Identification No.)</font></div>
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      WEST SAM HOUSTON PARKWAY NORTH, SUITE E-300</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>HOUSTON,
      TEXAS 77043</strong></font></div>
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      of principal executive offices and zip code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(713)
      896-0500</strong></font></div>
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      telephone number, including area code)</font></div>
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      applicable</strong></font></div>
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      name or former address, if changed from last report)</font></div>
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      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 (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
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      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
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      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
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      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-14(c)).</font></div>
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    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.04 </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Triggering
      Events that Accelerate or Increase a Direct Financial Obligation or an
      Obligation under an Off-Balance Sheet Arrangement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      17, 2006, eLinear, Inc. (the &#8220;Company&#8221;) received letters dated August 16, 2006,
      from (1) Laurus Master Fund, Ltd. as the holder of $1,718,189 principal amount
      of certain term notes payable (the &#8220;Laurus Term Notes&#8221;) and $2,502,055 principal
      amount of a certain revolving credit note, (the &#8220;Laurus Revolver&#8221;), (2) Rock
      Hill Partners Investment Management, Ltd. Hill&#8221;) as the holder of $271,753
      principal amount of a certain note payable (the &#8220;Rock Hill Note&#8221;), and (3) Basso
      Capital Management, L.P. (&#8220;Basso&#8221;) as the holder of $261,745 principal amount of
      certain notes payable (the &#8220;Basso Notes&#8221;). These letters were sent as notice to
      the Company that one or more events of default had occurred under the notes
      and
      the related loan agreements. Pursuant to the note agreements, each party
      declared all sums of principal, interest and other fees remaining unpaid
      immediately due and payable. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Another
      lender, Iroquois Capital, L.P. had declared a similar default as holder of
      $1,426,689 (the&#8221;Iroquois Note&#8221;) in a letter dated August 9, 2006 an event that
      was previously disclosed on August 16, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Laurus Term Notes, Iroquois Notes, the Rock Hill Note and the Basso Notes are
      secured by all of the Company&#8217;s assets, provided that they are subordinate in
      payment to the Laurus Revolver note in the amount of $2,502,845 as noted in
      the
      first paragraph.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
      of Directors or Principal Officers Election of Directors; Appointment of
      Principal Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On
      August 17,
      2006, Tommy Allen was terminated as Chief Executive Officer of Elinear, Inc.
      (&#8220;the Company&#8221;). Director, Phillip M. Hardy who had been serving as President
      and Chief Financial Officer, was appointed to fill the vacancy as Chief
      Executive Officer. Mr. Hardy was hired by the Company on November 16, 2005
      to
      serve as Chief Financial Officer. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
      Events.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company announced today that it did not file its quarterly report on Form 10-QSB
      for the quarterly period ended June 30, 2006, on August 21, 2006, the extended
      due date. Attached hereto as Exhibit 99.1 is a description of the Company&#8217;s plan
      to meet its reporting requirement for its Form 10-QSB for the quarterly period
      ended June 30, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>[THE
      SIGNATURE PAGE FOLLOWS.]</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SIGNATURE</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities and Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the undersigned
      hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ELINEAR,
      INC </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">August
      22, 2006</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Phillip Michael Hardy</u></font></div>
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      Chief Executive Officer</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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eLinear Form 8-K 8-22-06
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 AND EXCHANGE ACT OF
      1934
August
      17, 2006
Date
      of
      Report (date of Earliest Event Reported)
ELINEAR,
      INC.
(Exact
      Name of Registrant as Specified in its Charter)
DELAWARE
0-27418
76-0478045
(State
                or Other Jurisdiction of Incorporation or Organization)
(Commission
                File No.)
(I.R.S.
                Employer Identification No.)
2901
      WEST SAM HOUSTON PARKWAY NORTH, SUITE E-300
HOUSTON,
      TEXAS 77043
(Address
      of principal executive offices and zip code)
(713)
      896-0500
(Registrant's
      telephone number, including area code)
Not
      applicable
(Former
      name or former address, if changed from 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-14(c)).
Item
      2.04
Triggering
      Events that Accelerate or Increase a Direct Financial Obligation or an
      Obligation under an Off-Balance Sheet Arrangement.
On
      August
      17, 2006, eLinear, Inc. (the "Company") received letters dated August 16, 2006,
      from (1) Laurus Master Fund, Ltd. as the holder of $1,718,189 principal amount
      of certain term notes payable (the "Laurus Term Notes") and $2,502,055 principal
      amount of a certain revolving credit note, (the "Laurus Revolver"), (2) Rock
      Hill Partners Investment Management, Ltd. Hill") as the holder of $271,753
      principal amount of a certain note payable (the "Rock Hill Note"), and (3) Basso
      Capital Management, L.P. ("Basso") as the holder of $261,745 principal amount of
      certain notes payable (the "Basso Notes"). These letters were sent as notice to
      the Company that one or more events of default had occurred under the notes
      and
      the related loan agreements. Pursuant to the note agreements, each party
      declared all sums of principal, interest and other fees remaining unpaid
      immediately due and payable.
Another
      lender, Iroquois Capital, L.P. had declared a similar default as holder of
      $1,426,689 (the"Iroquois Note") in a letter dated August 9, 2006 an event that
      was previously disclosed on August 16, 2006.
The
      Laurus Term Notes, Iroquois Notes, the Rock Hill Note and the Basso Notes are
      secured by all of the Company's assets, provided that they are subordinate in
      payment to the Laurus Revolver note in the amount of $2,502,845 as noted in
      the
      first paragraph.
Item
      5.02
Departure
      of Directors or Principal Officers Election of Directors; Appointment of
      Principal Officers.
On
      August 17,
      2006, Tommy Allen was terminated as Chief Executive Officer of Elinear, Inc.
      ("the Company"). Director, Phillip M. Hardy who had been serving as President
      and Chief Financial Officer, was appointed to fill the vacancy as Chief
      Executive Officer. Mr. Hardy was hired by the Company on November 16, 2005
      to
      serve as Chief Financial Officer.
Item
      8.01.
Other
      Events.
The
      Company announced today that it did not file its quarterly report on Form 10-QSB
      for the quarterly period ended June 30, 2006, on August 21, 2006, the extended
      due date. Attached hereto as Exhibit 99.1 is a description of the Company's plan
      to meet its reporting requirement for its Form 10-QSB for the quarterly period
      ended June 30, 2006.
[THE
      SIGNATURE PAGE FOLLOWS.]
SIGNATURE
Pursuant
      to the requirements of the Securities and Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the undersigned
      hereunto duly authorized.
ELINEAR,
      INC
Date:
August
      22, 2006
By:
/s/
      Phillip Michael Hardy
Title:
      Chief Executive Officer