"On September 30, 2015, Alan Shortall defaulted on loans with an unaffiliated third party under which an aggregate of 2,951,668 shares of common stock were pledged and as such Mr. Shortall may be deemed to have transferred beneficial ownership in such shares to the lender on such date. On October 26, 2015, Mr. Shortall cured the default and as such Mr. Shortall may be deemed to have re-acquired beneficial ownership in such shares from the lender on such date. Pursuant to an agreement with the lender, Mr. Shortall agreed that an upside sharing payment may be due to the lender upon settlement of the loan at maturity based on an appreciation of the share price of the Issuer's common stock."
