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): September 18, 2006
SPARTA
COMMERCIAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
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Nevada
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0-9483
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30-0298178
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|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
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(IRS
Employer
Identification
No.)
|
462
Seventh Ave., 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
September 18, 2006, we named Anthony W. Adler, age 67, Executive Vice President
of Sparta Commercial Services, Inc. Mr. Adler also serves as the Company’s
principal financial officer.
Mr.
Adler
joined the Company on August 15, 2006, and had served as a consultant to the
Company from March 2004 to August 14, 2006. Mr. Adler has been Chief Financial
Officer of American Motorcycle Leasing Corp. since 1995. From 1993 to 1994,
Mr.
Adler was Chief Executive Officer of Innotek, Inc., a developer and distributor
of skin-care products. Mr. Adler holds an MBA from New York University and
a BA
from Columbia College.
In
2002,
the Company entered in to a licensing agreement with American
Motorcycle Leasing Corp. relating
to the use of a proprietary operating system, with an entity controlled by
the
Company's President and Chief Executive Officer. During the years ended April
30, 2006 and 2005, the Company charged to operations $67,000 and $150,633,
respectively, in connection with the licensing agreement.
In
2004,
the Company entered into a purchase option agreement with American Motorcycle
Leasing Corp. at a cost to the Company of $250,000. This agreement granted
the
Company the right, for a two year period, to purchase portions of a certain
portfolio of equipment leases that American Motorcycle Leasing Corp. owns.
The
portfolio is secured by a first priority security interest in favor of Citibank,
N.A. or its assigns. The cost of $250,000 has been charged to operations in
fiscal 2005. As of April 30, 2005, payments against this obligation of $81,000
were made. The balance of $169,000 was paid during the year ended April 30,
2006.
During
the year ended April 30, 2006, the Company purchased certain of its vehicles
from American Motorcycle Leasing Corp. These purchases aggregated $105,748.
At
April 30, 2006, the Company had a payable to American Motorcycle Leasing Corp.
in the amount of $20,224 related to such purchases.
Mr.
Adler
does not serve as a director of another reporting company. Mr. Adler is not
associated with another officer or director of the Company by family
relationships, and during the past five years has not been: involved in a
bankruptcy petition or a pending criminal proceeding; convicted in a criminal
proceeding excluding traffic and minor offenses; subject to any order, judgment,
or decree, permanently or temporarily enjoining, barring, suspending or
otherwise limiting his involvement in any type of business, securities or
banking activities; or found by a court, the Securities and Exchange Commission
or the Commodity Futures Trading Commission to have violated a federal or state
securities or commodities law.
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. |
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| Date:
September 22, 2006 |
By: |
/s/ Anthony L. Havens |
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Anthony
L. Havens, President |
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