Item 8.01 Other Events

On May 31, 2011, the Company sold to investors Secured Convertible Promissory Notes (the "Notes") in the original aggregate principal amount of $5,813,500. As of the close of business on January 26, 2012, an aggregate principal amount of approximately $4,100,000 remained outstanding on the Notes. The Company intends to use the net cash proceeds of $615,000 received from its January 23, 2012 sale of certain short codes, domain names, trademarks and databases used in the Company's subscription businesses to Mkono Media Corp. to further reduce its obligations under the Notes.