The company said that, of the total amount, $2.9 million was paid in cash on the January 9, 2008 closing date and the remaining $75,000 is due on or before January 9, 2009.
The bulk of the net proceeds from closing was used to repay all of the outstanding principal balances on the company’s convertible debentures and repurchase warrants to purchase 2.07 million shares of the company’s common stock. The remaining 474,521 Series A warrants are the only remaining outstanding warrants issued by the company.
