Item 3.02. Unregistered Sales of Equity Securities
On October 28, 2009, Registrant gave its lender, WB QT, LLC, irrevocable notice
of its intention to pay the remaining balance due under Term Note C in shares of
its common stock. On November 2, 2009, Registrant delivered 1,591,932
unregistered shares of common stock to WB QT, LLC, representing the final
payment of approximately $1.8 million.
The common shares issued by Registrant were issued to an accredited investor in
a transaction exempt from Registration pursuant to Section 4(2) of the
Securities Act of 1933. The transaction did not involve a public offering, was
made without general solicitation or advertising, and there were no underwriting
commissions or discounts.
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