On October 16, 2014, Melody Business Finance, LLC, as administrative agent for the certain lenders therein (collectively, the Lender), entered into a loan agreement with the Company (the Loan Agreement). On June 14, 2017, the Lender delivered to the Company a Waiver to Loan Agreement (the Waiver) waiving obligations of the Company to provide an audited report of its auditors covering the December 31, 2016 audited financial statements without a going concern or like qualification or exception and without any qualification or exception as to the scope of such audit as provided in Section 6.1(a)(i) of the Loan Agreement. The effective date of the waiver is March 31, 2017. Accordingly, the Waiver is effective retroactive to the date on which the Companys auditors report co ncerning the December 31, 2016 financial statements which included a going concern explanatory paragraph was issued.
The Companys Chief Financial Officer discussed the matter with its independent registered public accounting firm, and, after those discussions, determined to reclassify long term debt with a net carrying value of $31,487,253 and $32,099,766 as current liabilities as of December 31, 2016 and March 31, 2017. The Lender has not provided the Company any notice of Default or any Event of Default, as such terms are defined in the Loan Agreement, and has waived for all purposes the December 31, 2016 going concern covenant requirement. There were no other changes to the Companys previously reported assets, total liabilities, net loss or loss per share of common stock.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:June 23, 2017
/s/ Laura W. Thomas
Laura W. Thomas
Chief Financial Officer
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Other recent filings from the company include the following:
Statement of acquisition of beneficial ownership by individuals - Feb. 13, 2018
Entry into a Material Definitive - Feb. 1, 2018
Statement of acquisition of beneficial ownership by individuals - Jan. 30, 2018
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