Summary of DAIS ANALYTIC CORP

Triggering Events That Accelerate or Increase a Direct Financial Obligation or

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On May 18, 2012, we received a notice of default from Platinum-Montaur Life Sciences, LLC ("Platinum-Montaur") with respect to (i) our Amended and Restated Convertible Promissory Note, dated March 22, 2012 (the "Unsecured Note") and
(ii) Secured Convertible Promissory Note dated March 22, 2012 (the " Secured Note" and the Unsecured Note and the Secured Note, collectively, the "Notes").

The Unsecured Note was issued in the principal amount of $1 million and the Secured Note was issued in the principal of $1.5 million. The Notes accrue interest at a rate of 10% per annum. Platinum-Montaur sent the notice of default pursuant to Section 10(ix) of the Notes, which provides that Platinum-Montaur may declare a default if we fail to make any payment of principal or interest on the Notes. We failed to pay the entire principal amount of the Note together with all accrued and unpaid interest on the maturity date of the Notes, which was May 7, 2012.

Pursuant to the terms of the Notes, we may cure the default within 15 days from the date we received the notice of default. If we are not able to satisfy or renegotiate the terms of the Notes, forebear the default, or otherwise cure the default within such time, Platinum-Montaur avers that all principal and accrued interest under the Notes will be immediately due and payable to Platinum-Montaur. With regard to the Secured Note, Platinum-Montaur asserts a security interest in certain of our intellectual property as set forth in our Patent Security Agreement entered into with Platinum-Montaur, dated March 22, 2012.

Item 9.01 Financial Statements and Exhibits

(c)      Exhibits.

Exhibit No.   Description

10.1          Amended and Restated Convertible Promissory Note by
              and between the Registrant and Platinum-Montaur Life
              Sciences, LLC dated March 22, 2011. (Incorporated by
              reference to Exhibit 10.2 to the Company's Current
              Report on Form 8-K, filed March 28, 2011)

10.2          Secured Convertible Promissory Note by and between
              the Registrant and Platinum-Montaur Life Sciences,
              LLC dated March 22, 2011. (Incorporated by reference
              to Exhibit 10.8 to the Company's Current Report on
              Form 8-K, filed March 28, 2011)

10.3          Patent Security Agreement by and between the
              Registrant and Platinum-Montaur Life Sciences, LLC
              dated March 22, 2011. (Incorporated by reference to
              Exhibit 10.10 to the Company's Current Report on
              Form 8-K, filed March 28, 2011)

10.4          First Amendment to Secured Convertible Promissory
              Note by and between Dais Analytic and
              Platinum-Montaur Life Sciences, LLC dated March 22,
              2011. (Incorporated by reference to Exhibit 4.40 to
              the Company's Annual Report on Form 10-K, filed
              March 30, 2012)

10.5          Amendment to Amended and Restated Convertible
              Promissory Note by and between Dais Analytic
              Corporation and Platinum-Montaur Life Sciences, LLC
              dated March 22, 2012. (Incorporated by reference to
              Exhibit 4.41 to the Company's Annual Report on Form
              10-K, filed March 30, 2012)