On September 16, 2014, we terminated our June 28, 2013, Senior Secured Revolving Credit Facility Agreement (the “Agreement) with TCA Global Credit Master Fund, LP (the “Credit Facility”) and simultaneously paid the Credit Facility the complete outstanding balance of $1,165,222.06. The term of the Agreement was 1 year and the payoff amount includes all principal, 12% interest and fees associated with the Credit Facility, including $92,068.02 of convertible Advisory Fees that were convertible into our common stock at a 15% discount to market based on the five day Volume Weighted Average Price (“VWAP”) of the stock. The Credit Facility Agreement provided for a maximum credit line of up to $8,000,000 at the lender’s discretion and was secured by all of our previously unencumbered assets. As of September 16, 2014, we had only obtained $1,500,000 of financing under the Credit Facility. We requested the termination and payoff of the outstanding amount due to remove the Senior Security encumbrances on our assets and to provide us with the flexibility to secure longer term funding.
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