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): ~~December~~January 1917, ~~2012~~2013

LIGHTYEAR NETWORK SOLUTIONS, INC.

(Exact name of registrant as specified in Charter)

Nevada		000-32451		91-1829866
(State or other jurisdiction of incorporation or organization)		(Commission File No.)		(IRS ~~Employee~~Employer Identification No.)

1901 Eastpoint Parkway

Louisville, Kentucky 40223

(Address of Principal Executive Offices)

502-244-6666

(Issuer Telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ 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(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.0102. ~~Entry~~Termination ~~into~~of a Material Definitive Agreement.

On ~~December~~January 1917, ~~2012~~2013, ~~Lightyear~~SE ~~Network Solutions~~Acquisitions, LLC (“~~Lightyear~~Southeast”), ~~the~~a wholly -owned subsidiary of Lightyear Network Solutions, Inc. (the "“Company"”), ~~entered~~exercised ~~into~~an option under a ~~revolving~~Lease ~~$500,000~~and ~~secured~~Option ~~commercial~~to ~~promissory~~Purchase ~~note~~Agreement (the ~~"Credit~~“Lease ~~Facility"~~Agreement”) dated January 1, 2004, with ~~Central~~Pike ~~Bank~~County, ofKentucky, ~~Jefferson~~to purchase the building and land located at 106 Scott Avenue, ~~County~~Pikeville, ~~Inc.~~KY (the “~~Bank~~Pikeville Property”). ~~The~~Pursuant ~~Company~~to ~~may~~its ~~draw~~terms, onthe Lease Agreement was terminated upon exercise of the ~~Credit~~option. ~~Facility~~Under ~~from~~the ~~time~~option, toSoutheast ~~time~~paid toa ~~fund~~cash ~~ongoing~~purchase ~~working~~price ~~capital needs~~of $841,872 for the Pikeville Property.

~~The~~Immediately ~~Credit~~following ~~Facility~~its ~~matures~~purchase onof the Pikeville Property ~~December~~from 19Pike County, ~~2013~~Southeast ~~and~~sold ~~bears~~the ~~interest~~Pikeville atProperty anand ~~annual~~five ~~rate~~additional ~~equal~~adjacent properties to the ~~Bank’s~~City ~~“Index~~of ~~Rate~~Pikeville,” ~~plus 1.75%, but~~Kentucky ~~the~~for ~~rate~~a ~~will~~cash ~~never~~purchase beprice ~~more~~of ~~than 5~~$1,275,000.~~00%.~~ ~~The~~After ~~Company~~payment isof ~~required~~the topurchase ~~make~~price ~~monthly~~for ~~interest payments on any outstanding amounts through December 19, 2013, with~~ the ~~outstanding~~Pikeville ~~principal~~Property ~~amount~~and ~~payable~~satisfaction atof ~~maturity. The Bank’s “Index~~indebtedness ~~Rate”~~secured ~~is a variable rate designated and announced~~ by the ~~Bank~~adjacent ~~from time to time. On December 19~~properties, ~~2012,~~ the ~~Bank’s “Index~~transactions ~~Rate”~~resulted ~~was~~in ~~3.25%.~~net ~~Payments~~proceeds ~~under the Credit Facility are subject~~ to ~~a 5% late fee and, in cases of default,~~ the ~~interest~~ ~~rate~~Company of ~~the~~approximately ~~Credit Facility will be increased by 5%~~$253,000.

~~Borrowings~~Any ~~under~~description of the ~~Credit~~Lease ~~Facility~~Agreement ~~may be~~in ~~prepaid~~this atItem ~~any~~1.02 ~~time,~~does ~~without~~not ~~premium~~purport orto ~~penalty,~~be complete and ~~are~~is ~~secured~~qualified ~~by:~~in ~~(1)~~its aentirety ~~security~~by ~~interest~~reference into the ~~all~~Lease ofAgreement ~~Lightyear~~which ~~assets,~~was attached as ~~described~~ inExhibit a10.25 ~~Security~~to ~~Agreement~~the ~~between~~Company’s ~~Lightyear~~Annual ~~and~~Report ~~the~~on ~~Bank;~~Form 10-K ~~and~~for ~~(2)~~ the ~~personal~~year ~~guaranty~~ended ofDecember ~~Chris~~31, T2010. ~~Sullivan.~~

~~Mr.~~Item ~~Sullivan is a director of the Company and also a director and member of LY Holdings, LLC (“LYH”), the Company’s largest shareholder~~2. ~~As of December 19, 2012, LYH owned 45~~06.3% ofMaterial ~~the Company’s common stock~~Impairments.

The ~~Credit~~information ~~Facility~~set ~~contains~~forth ~~customary~~in ~~events of~~Item ~~default~~1.02 ~~for: nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty;~~is ~~violation~~hereby ofincorporated ~~other covenants; cross-default of other material indebtedness; bankruptcy events; material judgments; impairment of the Bank’s perfection~~ in ~~the~~this ~~collateral;~~Item ~~and~~2.06 ~~invalidity~~by ~~of the guaranty~~reference.

~~There~~Upon ~~are~~consummation noof ~~material~~the ~~relationships~~transactions ~~between~~described above and based upon the ~~Company,~~amounts ~~Lightyear~~received orfor ~~their~~the ~~affiliates,~~Pikeville Property and five additional adjacent properties, the ~~Bank~~Company expects to record an impairment on the carrying value of these assets in the fourth quarter of 2012 in the amount of approximately $950,000. ~~other~~The ~~than~~impairment charge asis ~~described~~a ~~above~~non-cash charge and will not result in any future cash expenditures.

The foregoing descriptions of the various loan documents do not purport to be complete and are qualified in their entirety by reference to those documents which are attached as exhibits hereto and incorporated herein.SIGNATURES

~~Item~~Pursuant to ~~2.03~~the ~~Creation~~requirements of athe ~~Direct~~Securities ~~Financial~~Exchange ~~Obligation~~Act orof an1934, ~~Obligation~~the ~~under~~Company anhas duly ~~Off~~caused ~~Balance~~this ~~Sheet~~report ~~Arrangement~~to ofbe asigned ~~Registrant~~on its behalf by the undersigned hereunto duly authorized.

The information set forth in Item 1.01 is hereby incorporated in this Item 2.03 by reference.

	LIGHTYEAR NETWORK SOLUTIONS, INC.


Date: January 23, 2013	By:	/s/ Stephen M. Lochmueller
		Stephen M. Lochmueller Chief Executive Officer

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Description

10.1 Commercial Note, dated as of December 19, 2012 by Lightyear Network Solutions, LLC to Central Bank of Jefferson County, Inc.

10.2 Security Agreement, dated as of December 19, 2012 between Lightyear Network Solutions, LLC to Central Bank of Jefferson County, Inc.

10.3 Guaranty, dated December 19, 2012, by Chris T. Sullivan in favor of Central Bank of Jefferson County, Inc.

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.

	LIGHTYEAR NETWORK SOLUTIONS, INC.
Date: December 24, 2012	By:	/s/ Stephen M. Lochmueller
		Stephen M. Lochmueller
		Chief Executive Officer

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