Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
REED C W BILL
  2. Issuer Name and Ticker or Trading Symbol
NEXT INC/TN [nxti]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
PO BOX 211
3. Date of Earliest Transaction (Month/Day/Year)
04/28/2008
(Street)

WABASH, IN 46992
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/28/2008   P   1,500,000 (1) A $ 0.1 4,150,913 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant (right to buy) (1) (1) 04/28/2008   P   750,000   04/28/2008 04/28/2015 Common Stock 750,000 (1) (1) 750,000 D  
Warrant (right to buy) (2) (2) 04/28/2008   H     1,087,500 11/19/2007 11/19/2014 Common Stock 1,087,500 (2) (2) 0 D  
Warrant (right to buy) (2) (2) 04/28/2008   P   1,367,000   04/28/2008 11/19/2014 Common Stock 1,367,000 (2) (2) 1,367,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
REED C W BILL
PO BOX 211
WABASH, IN 46992
  X   X    

Signatures

 /s/ Charles W. Reed   04/30/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On April 28, 2008, the reporting person entered into a Securities Purchase Agreement with the issuer, pursuant to which the reporting person acquired 1,500,000 shares of common stock and a warrant (the "Warrant") for the purchase of up to 750,000 shares of common stock (the "Warrant Shares") for an aggregate purchase price of $150,000 in cash. The Warrant is exercisable, in whole or in part, at any time and from time to time for a period of seven years following the date of issuance and has an exercise price equal to $0.15 per share. The exercise price and the number of Warrant Shares issuable upon exercise of the Warrant are subject to adjustment as provided in the Warrant.
(2) On April 28, 2008, the reporting person and the issuer amended the terms of the outstanding warrant dated November 19, 2007, among other things, (i) to reflect the automatic reduction, in accordance with the terms of such warrant, in the exercise price from $0.35 per share and $0.50 per share during the first five years and remaining two years of the warrant, respectively, to $0.10 per share during the entire seven year exercise period thereof as a result of the transaction described in footnote 1 above and (ii) to change the effect of certain anti-dilution provisions to specify an increase in the number of warrant shares issuable thereunder from up to 1,087,500 shares of common stock to up to 1,367,000 shares of common stock, in each case subject to further adjustment as provided in such warrant, as so amended. The amendment is reported above as the cancellation of the "old" warrant and the acquisition of a new one.

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