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Subsequent Events
12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
14. Subsequent Events

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements, except as disclosed.

 

Notes Payable

 

Effective March 1, 2015, a lender agreed to extend the maturity date of the Senior Note from March 1, 2015 to September 1, 2015.  As part of the extension, financial covenants were set which require the Company to meet certain minimum targets for EBITDAS for the calendar quarters ending on March 31 and June 30, 2015. In consideration of the Lender extending the maturity date of the Senior Note, the Company granted the lender a five-year warrant to purchase 500,000 shares of Common Stock at an exercise price of $0.10 per share. The warrant contains customary anti-dilution provisions.