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) ~~December~~February 2915, ~~2009~~2010

Lateral Media, Inc.

(Exact name of registrant as specified in its charter)

Delaware	333-136806	98-0539032
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation)		Identification No.)

~~2121~~2000 Avenue of the Stars, Suite ~~2550~~ 410

Los Angeles, CA 90067

(Address of principal ~~executive offices~~ ~~including zip code)~~executive

offices including zip code)

(310) 601-2500

(Registrant’s ~~telephone~~ telephone number, ~~including area code)~~

including area code)

(Former name or former address, if changed since last report)

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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On March 22, 2010, Lateral Media, Inc. (the “Company”) entered into Amendment No. 1 to Promissory Note (the “Amendment”) with Trinad Capital Master Fund, Ltd. (“Trinad”), pursuant to which the parties amended that certain promissory note (the “Note”) issued to Trinad on December 29, 2009, as described in that certain Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 31, 2009. Pursuant to the Amendment, the parties (i) increased the principal amount available under the Note from $200,000 to $500,000 and (ii) extended the maturity date of the Note to December 31, 2010. The foregoing description of the Amendment does not purport to be complete, and is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

In connection with the resignation of Jeffrey Schwartz from the Board of Directors of the Company, as described in Item 5.02 of this Current Report on Form 8-K, on February 15, 2010, Grupo Grandioso, LLC (“Grupo Grandioso”), a company of which Mr. Schwartz is managing member, relinquished payment of that certain unsecured contingent promissory note issued by the Company to Grupo Grandioso on December 2, 2008, as described in that certain Current Report on Form 8-K filed with the SEC on December 8, 2008. In connection with the relinquishment, there were no early termination penalties incurred by the Company.

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On(b) Effective ~~December~~February 2915, ~~2009~~2010, ~~Lateral~~Jeffrey ~~Media,~~Schwartz ~~Inc.’s~~resigned (from the ~~“Company”)~~ Board of Directors ~~appointed~~ ~~Jay Krigsman as a director~~ of the ~~Company, to fill the existing~~ ~~vacancy on the Board of Directors~~Company.

There are no arrangements or understandings between Mr. Krigsman and any other person pursuant to which he was appointed as a director of the Company. Mr. Krigsman has not previously held any positions in the Company, and does not have family relations with any directors or executive officers of the Company. There are no transactions to which the Company is a party and in which Mr. Krigsman has a material interest that are required to be disclosed under Item 404(a), as modified by Item 404(d)(1) of Regulation S-K.

ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

On December 29, 2009, the Company issued to Trinad Capital Master Fund, Ltd. a promissory note (the “Note”) in the principal amount of $200,000. The Note is payable in full on March 1, 2010, and bears interest at a rate of 6% per annum. If any amount due under the Note is not paid in full within ten days of the due date, interest on the unpaid principal balance shall continue to accrue and shall thereafter be increased to a rate equal to 8% per annum. The foregoing description of the Note does not purport to be complete, and is qualified in its entirety by reference to the Note, a copy of which is attached hereto as Exhibit 4.1 and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit No.		Exhibit
4.1		Note issued to Trinad Capital Master Fund, Ltd.
10.1		Amendment No. 1 to Promissory Note issued to Trinad Capital Master Fund, Ltd.

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.

Date: December 30, 2009

	LATERAL MEDIA, INC.

Date: April 22, 2010	By:	/s/ Charles Bentz
	Name:	Charles Bentz
	Title:	Chief Financial Officer

LATERAL MEDIA, INC. By: /s/ Charles Bentz Name: Charles Bentz Title: Chief Financial Officer

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