Buzz,
I'm no expert, but once upon a time I worked on an SBA loan application (which was never turned in!) and I seem to recall that SBA loans are limited in amount to $5 to $10 million. And I also remember that the SBA doesn't loan any money directly: the issue guarantees to SBA authorized lenders. So, I'm not seeing the SBA thing turn out.
I would love for Mr. Bolduc to pull a rabbit out of his hat and refinance the debt on favorable terms. From my vantage point, however, I don't see how Implant can pay the interest, at least this year. And if you want to delay interest payments, the universe of possible lenders decreases dramatically. You are left with, well, DMRJ.
So, I have to eat crow and admit I was wrong in stating that all roads forward lead through a refinancing. There is another road...the best one in my opinion...which involves selling the company and letting DMRJ convert the whole enchilada.
That would require DMRJ to file a Schedule 13D as an owner of over 5% of the stock. They may have some legal or internal prohibition of doing so, which could conceivably allow for a 3-31-15 closing date on a buyout where all DMRJ's debt is repaid by the acquirer. Pretty unlikely, but a guy can dream...