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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) August
30, 2007
Dalrada
Financial Corporation
-
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(Exact
Name of Registrant as Specified in its Charter)
Delaware 7363 38-3713274
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(State
or
Other
Jurisdiction
(Commission (IRS
Employer
of
Incorporation)
File
Number)
Identification No.)
9449
Balboa Avenue, Suite 211, San Diego,
CA 92123
-
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(Address
of Principal Executive
Offices)
(Zip Code)
Registrant's
telephone number, including area code: (858) 427-8700
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(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 for 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© under the Exchange Act (17
CFR
240.13e-4(c)).
ITEM
|
7.01.
|
Regulation
FD Disclosure
|
|
(a)
|
Notice
of Default and Notice of Foreclosure on
Lien
|
On
July
2, 2007 Dalrada received a Default notice from the three Longview Funds, and
on
July 7, 2007 a default notice was received from Alpha Capital
A.G. The Note Holders agree to put the Default notices on hold while
a possible alternative solution could be reached. Such a solution
could not be reached and on August 30, 2007, Dalrada was informed by the
Longview Funds that they are enforcing their right to take over the collateral
pursuant to the security agreement that Dalrada and the note holders entered
into. The notice was in the form of an “Agreement To Accept
Collateral In Satisfaction Of Obligations.” The Dalrada
Board of Directors is currently reviewing the document discussing its options
and will be making a determination shortly as to what actions the company will
take in response to this notice.
(b) Breach
of Contract and related claims - Action filed against
Dalrada and CFO David Lieberman
On
July
9, 2007, John Capezzuto, filed a suit for Breach of contact concerning a
settlement agreement executed January 29, 2007. Mr Capezzuto is
claming amount including damages of up to $1,225,000.
(c) Default
Notice on Two Promissory Notes
On
August
21, 2007, The Solvis Group issued a default notice to Dalrada pursuant to two
Promissory Notes, dated January 2, 2007, for payment to Solvis of $3,240,000.00
and $8,060,000.00.
Dalrada
does not have the resources to satisfy the above claims and is therefore
evaluating its options including the declaration of bankruptcy, obtaining
capital from other sources and other strategic alternatives.
ITEM
9.01.EXHIBITS
Exhibit
No. Exhibit
10.03 Agreement
to accept collateral in satisfaction of obligation
10.04 Solvis
Default Notice
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 thereunto
duly authorized.
/s/
Brian
Bonar Chairman
of the Board of
Directors, September
4, 2007
Brian
Bonar Chief
Executive Officer, and
(Principal
Executive Officer)
/s/
Stanley A.
Hirschman Director September
4, 2007
Stanley
A. Hirschman
/s/
Stan Costello
Director September
4, 2007
Stan
Costello
/s/
David P.
Lieberman CFO September
4, 2007
David
P.
Lieberman
/s/
James
Agnew Director September
4, 2007
David
P.
Lieberman