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Monday, April 17, 2017 7:38:48 PM
By letter agreement on March 1, 2017, JMJ Financial agreed to extend specified milestone dates contained in the events of default under the Note and the Warrants, whereby JMJ Financial conditionally agreed to waive any such default in connection with meeting such original dates, except to the extent of damages, fees, penalties, liquidated damages, or other amounts or remedies otherwise resulting from such default, if we trigger an event of default or breach any terms of the Note and the Warrants subsequent to the letter agreement (the “JMJ Letter Agreement”). Specifically, JMJ Financial agreed to extend (i) the date to receive conditional approval from The NASDAQ Capital Market from February 28, 2017 to March 31, 2017 and (ii) the date upon which a reverse split of our Common Stock will become effective from March 15, 2017 to April 15, 2017.
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