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: August 1, 2008
MOBILEPRO
CORP.
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(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51010
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87-0419571
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(State
of Incorporation)
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(Commission
File Number )
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(IRS
Employer Identification No.)
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6701
Democracy Blvd., Suite 202
Bethesda,
MD 20817
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(Address
of principal executive offices) (Zip Code)
(301)
571-3476
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(Registrant's
telephone number)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following provisions
(see
General
Instruction A.2 below):
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(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
On
August
1, 2008, Mobilepro Corp. (the “Company”) executed a promissory note and release
with Data Sales Co., Inc. (“Data Sales”) in the principal amount of $330,000
(the “Note”). The note requires twenty-three (23) monthly payments of $10,000
and accrues interest at the rate of twelve percent (12%). The unpaid principal
balance and accrued interest is due and payable on July 31, 2010. The Note
is in
full satisfaction of approximately $1,231,000 of lease obligations for which
the
Company was a co-borrower with Kite Networks, Inc., a former subsidiary of
the
Company, and reflects the impact of a sale of certain wireless equipment by
Data
Sales to an unrelated third party, which was consummated in July 2008. The
Company will record a gain of approximately $901,000, or $0.0012 per share,
in
its fiscal second quarter as a result of the transaction.
A
copy of
the Note is attached hereto as an Exhibit 10.1.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
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10.1
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Promissory
Note made as of August 1, 2008 by and among MobilePro Corp. and Data
Sales
Co., Inc. in the amount of Three Hundred Thirty Thousand Dollars
($330,000).
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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.
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COMPANY
NAME CORPORATION |
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| Date: August
4, 2008 |
By: |
/s/ Jay
O.
Wright |
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Jay
O. Wright
Chief
Executive Officer
MOBILEPRO
CORP.
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