In 2012 a claim was made by Sunil Singhal, our former executive vice president of technology and product development for wrongful termination and breach of contract, among other employment-related matters. Mr. Singhal is seeking unspecified monetary damages. A motion to strike certain allegations of his complaint has been filed. That motion will be heard on November 1, 2013, and until the court rules on that motion, the matter will not be at issue. At present, there is insufficient information to assess factors of liability or to calculate a range of potential (although speculative) damages. These factors will be open until substantial discovery is completed. Trial has not yet been set; however, in accord with Los Angeles County Superior Court calendaring, trial will most likely be calendared for the Fall of 2014.
NOTE 12 - SUBSEQUENT EVENTS
On July 3, 2013, we were sued by Sunil Singhal, our former executive vice president of technology and product development, in the California Superior Court, County of Los Angeles, for wrongful termination and breach of contract, among other employment-related matters. Mr. Singhal is seeking unspecified monetary damages.
On July 17, 2013, our stockholders approved an amendment to our charter documents approving an increase to our authorized shares to 1.250 billion shares of common stock.
On August 13, 2013, we and The RHL Group amended and restated the Seventh Amended and Restated Note by entering into that certain Eighth Amended and Restated Promissory Note (the "Eighth Amended Note"), effective as of August 13, 2013. The Eighth Amended Note amends and restates the Seventh Amended Note and together with its predecessor notes and the Eighth Amended Note, the "Credit Facility" or the "Line of Credit"), by: (i) granting The RHL Group the right to convert, at any time following the date of the Eighth Amended Note, up to an aggregate of $114,088 in outstanding principal of the Credit Facility into shares of our Common Stock at a conversion price of $0.05 per share. The Eighth Amended Note will mature on April 29, 2014. There were no loan origination fees charged by, or warrants issued to, The RHL Group with respect to the Eighth Amended Note. Except as set forth above, the Eighth Amended Note does not materially alter the terms of the Seventh Amended Note.
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