Quarterly report pursuant to sections 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Jun. 30, 2013
Subsequent Events
  18. Subsequent Events

On July 3, 2013, and July 22, 2013, the Company filed a Form S-3 registration statement and amendment thereto to register an indeterminate number of shares of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock and/or debt securities.

On July 8, 2013, the Company entered into an amendment with the Senior Secured Note holders, dated as of July 7, 2013 that extends the July 9, 2013 Maturity Date of the notes until September 9, 2013.

On July 11, 2013, the parties to the DT Australia Note entered into an Amendment No. 1 to the DT Australia Note (the “Amendment”) the material terms of which are as follows: (1) the Company repaid AUD$280,000 of principal and AUD$34,200 of interest under the DT Australia Note; (2) the parties amended the maturity date for the payment of the remaining AUD$2,000,000 of principal from 90 to 150 days from the date of entry into the DT Australia Note; (3) the Company issued 59,964 shares of the Company’s common stock (the “ New Common Stock”) to the noteholders or their appointees as consideration for the extension of the maturity date; (4) the Company agreed to file a resale registration statement on Form S-1 or S-3 with the Securities and Exchange Commission covering the New Common Stock prior to August 31, 2013, otherwise the Company agrees to repurchase the New Common Stock at a price equal to the closing price of the New Common Stock on the date of issuance thereof; and (5) the Company agreed in the event that, prior to the maturity date, the Company enters into an equity financing pursuant to which shares of the Company’s common stock are issued at a price less than the MIA Transaction issue price, then the Company will issue to the noteholders additional shares of Company’s common stock in order to compensate for any differential in value (for shares issued in the MIA Transaction as well as pursuant to the Amendment), subject to a share cap in order to ensure compliance with the Nasdaq shareholder approval regulations. Other than as amended by the Amendment and the acknowledgement, all other terms under the stock purchase agreement and other documents comprising the MIA Transaction remain in full force and effect, without modification. The New Common Stock was issued in a private offering under Section 4(2) of the Securities Act of 1933 or Regulation D or Regulation S thereunder.

On August 5, 2013, the Company received a Notice of Effectiveness for the Form S-3 as amended filed on July 22, 2013 from the Securities and Exchange Commission.

Management evaluated subsequent events after the balance sheet date of June 30, 2013 through the date these unaudited financial statements were issued and concluded that no other material subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.