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): October
23, 2006
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)).
Reference
is made to Item 3.02 of this Report regarding the issuance of stock options
to a
director of Sparta Commercial Services, Inc.
Item
3.02 Unregistered Sales of Equity Securities
On
October 23, 2006, we entered into a Stock Option Agreement with Jeffrey Bean,
a
director. As compensation for services as a director, we granted Mr. Bean stock
options to purchase up to 500,000 shares of our common stock, subject to a
vesting schedule, exercisable at $0.12 per share until October 23, 2011, unless
earlier terminated. Stock options to purchase 200,000 shares vested on the
date
of grant, and the balance of the options are to vest in equal installments
on
the first, second and third anniversary dates of the date of grant. No vesting
shall occur unless Mr. Bean is serving as a director on the vesting date, and
unvested stock options will terminate automatically upon Mr. Bean ceasing to
serve on the Board of Directors. The issuance of the securities was deemed
to be
exempt from registration under the Securities Act in reliance on Section 4(2)
of
the Securities Act as transactions by an issuer not involving a public offering.
Item
9.01 Financial Statements and Exhibits
|
Exhibit
Number
|
|
Description
of Exhibit
|
|
10.1*
|
|
Stock
Option Agreement with Jeffrey Bean, dated October 23,
2006
|
_____
*
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.
| |
|
|
| |
SPARTA
COMMERCIAL
SERVICES, INC. |
|
Date:
October 24, 2006
|
|
|
| |
By: |
/s/
Anthony L.
Havens |
| |
Anthony L. Havens, President |
| |
|