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): July 20, 2007
SPARTA
COMMERCIAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
|
0-9483
|
30-0298178
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
462
Seventh Avenue, 20th
Floor, New York, NY 10018
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (212)
239-2666
Not
applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12).
o Pre-commencement
communications pursuant to Rule
14d-2(d) under the Exchange Act (17 CFR 240.14d-2(d)).
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.313e-4(c)).
On
July
20, 2007, the Company entered into an agreement with a preferred stock holder
of
the Company, Leo William Long, pursuant to which Mr. Long waived any and all
rights to dividends on the preferred shares that he holds, including with
respect to any previously accrued, accumulated or deferred dividends. As of
July
20, 2007, the waived dividends totaled approximately $224,163. Additionally,
the
agreement also terminated a prior agreement between the parties, dated as of
January 12, 2005, pursuant to which Mr. Long agreed to restrict his ability
to
convert the preferred shares or exercise the warrants that he holds and receive
shares of the Company’s common stock such that the number of shares of common
stock beneficially held by him in the aggregate after such exercise does not
exceed 4.9% of the then issued and outstanding shares of common stock of the
Company.
Item
9.01 Financial Statements and Exhibits
(c) Exhibits
|
Exhibit
Number
|
|
Description
of Exhibit
|
|
10.1*
|
|
Agreement
with Leo William Long
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_____
*
Filed
herewith.
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.
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|
|
| |
SPARTA COMMERCIAL SERVICES, INC. |
|
|
|
| Date: July
26, 2007 |
By: |
/s/ Anthony
L. Havens |
| |
Anthony
L. Havens, President |
| |
|