UNITED STATES

SECURITIES AND EXCHANGE COMMISION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant

To Section 18 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest reported): September 8 22, 2010

MEGOLA, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Nevada	000-49815	88-0492605
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. employer identification number)

704 Mara St., Suite 111, Point Edward, Ontario N7V 1X4

(Address of principal executive offices) (Zip code)

(519) 336-0628

Registrant's telephone number, including area code

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On August 31, 2010, Megola (“Company”) entered into a Securities Purchase Agreement with Asher Enterprises, Inc. (“Buyer”).

The basic parameters of the Agreement with Asher Enterprises, Inc. will include, but not be limited to, the following:

A. The Company and the Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”);

B. Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement an 8% convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $45,000.00 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

C. The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth immediately below its name on the signature pages hereto

The Agreement contains other terms and conditions and has been filed as an exhibit to this report. Please refer to the exhibit for additional information.

ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES

See above discussion

ITEM 8.01 OTHER EVENTS

~~None~~On September 3, 2010, the corporation approved the conversion, thru RBC Dominion Securities, of 7,031,800 restricted common shares of Megola Inc. (MGON) to 70,318 shares of Megola Inc Series B Preferred Stock.

On September 8, 2010, Megola announced that the company had opened a brokerage account with Glendale Securities for the purpose of initiating a stock buyback plan.

On September 9, 2010, Megola received a request from TD AMERITRADE Clearing Inc. to reverse a conversion and transfer that was done per their request by the transfer agent. As the conversion and transfer from Megola Series ‘A’ Preferred stock to Megola Common stock was done without the authorization of their client TD AMERITRADE Clearing Inc. asked for consent to reverse the transaction and revert the Common Shares back to Preferred Series A Shares. Megola has given consent for 1,000,000 Common Shares to be reverted back to the original 40,000 shares of Series ‘A’ Preferred stock into the name of their client.

As of September 17, 2010 Megola has purchased 143,000 of common stock of Megola Inc. (MGON) and will return shares to treasury.

Please refer to the exhibits for additional information.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

10.1 TD ~~Securities~~AMERITRADE ~~Purchase~~Clearing ~~Agreement with Asher Enterprises,~~ Inc. ~~dated~~Request ~~August~~for ~~31, 2010~~Reversion

10.2 TD ~~Convertible~~AMERITRADE ~~Promissory~~Clearing ~~Note~~Inc. ~~dated~~Corporate ~~August 31, 2010~~Resolution

10.3 Megola Inc Letter of Authorization

10.4 Megola Inc. Corporate Resolution

10.5 Announcement of Common Share Buyback

10.6 Megola Inc. Corporate Resolution

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Megola, Inc.

	Megola, Inc. (Registrant)

Dated: September 22, 2010		By: /s/ Joel Gardner
		Joel Gardner, President

(Registrant)

Dated: September 8, 2010	By:	/s/ Joel Gardner
	Joel Gardner, President

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