#3: Entry into a Material Definitive Agreement.
On December 1, 2008, the Company entered into an agreement with Gottbetter Capital Master Ltd. (“Gottbetter”), holder of the Company’s outstanding subordinated secured convertible notes in the current principal amount of $2.3 million (the “Notes”), pursuant to which Gottbetter agreed to defer to January 5, 2009, approximately $581,000 of principal payable on the Notes from August through December 2008. In consideration of its entry into the agreement, the Company issued to Gottbetter a warrant to purchase up to 115,000 shares of Company common stock at current market price, or $0.11 per share.
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