"In March 2013, ASC Recap, LLC (“ASC”) filed a Joint Motion for Approval of Settlement Agreement and Stipulation, and Request for Fairness Hearing in the Circuit Court of the Second Judicial Circuit in and for Leon County, Florida, Case No. 2012-CA-4074. ASC has contracted with various note holders of the Company to acquire their debt and subsequently converting the debt to common stock of the Company. The Company has agreed to these terms as the acquisition of these debts and subsequent conversion would alleviate a majority of the Company’s liabilities thereby putting the Company in a better position to facilitate growth. The amount of the proposed purchases is approximately $1.2 million. A hearing was held on May 14, 2013 and the joint motion was approved."
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