The Company is actively seeking alternative financing and is currently in ongoing discussions with Laurus regarding the entry into a separate forbearance agreement (the “Forbearance Agreement”) pursuant to which the Company plans to seek to stay Laurus’ enforcement of the defaults and provide the Company sufficient additional time (approximately sixty (60) additional days from the end of the Forbearance Period) to either (a) refinance amounts due to Laurus; or (b) restructure its currently outstanding liabilities with Laurus through the entry into new notes with Laurus. The Company is also in discussions with various third parties regarding alternative financing for the Company.
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