This Amendment No. 8 amends and supplements the statement on Schedule 13D originally filed by Lazarus Management Company LLC ("Lazarus Management"), Justin B. Borus and Lazarus Investment Partners LLLP ("Lazarus Partners") on September 25, 2013, as amended from time to time (the "Schedule 13D"). This Schedule 13D is also filed on behalf of Lazarus Macro Micro Partners LLLP ("Macro Micro Partners" and collectively with Lazarus Management, Mr. Borus and Lazarus Partners, the "Reporting Persons"). All capitalized terms contained herein but not otherwise defined shall have the meaning ascribed to such terms in the Schedule 13D. The information set forth in response to each Item shall be deemed to be a response to all Items where such information is relevant.
Item 3. Source and Amount of Funds or Other Consideration.
The responses to Items 4, 5 and 6 of the Schedule 13D are incorporated herein by reference.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby supplemented by adding the following:
On September 18, 2015, Lazarus Partners notified the Issuer that it would extend the maturity date of a promissory note with the Issuer, originally scheduled to mature on September 20, 2015, to September 30, 2015. The original note was for the principal amount of $500,000, bearing interest at 10% per annum, of which $250,000 of the note, plus interest, was paid by the Issuer to Lazarus Partners on June 22, 2015. The remaining principal amount of $250,000 plus interest is now due on September 30, 2015.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby supplemented by adding the following:
Reference is made to items 7, 9, 11 and 13 of pages 2-5 of this Schedule 13D, which items are incorporated by reference. The securities reported on this Schedule consist of 8,056,962 shares of common stock and warrants to purchase an additional 10,613,230 shares of common stock held by Lazarus Partners. The securities reported on this Schedule 13D that are held by Macro Micro Partners consists of 3,000 shares of common stock. The calculation of percentage of beneficial ownership in Item 13 of pages 2-5 was calculated using information obtained from the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2015 in which the Issuer stated that there were 78,229,533 shares of common stock outstanding as of August 13, 2015.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
The information disclosed in Item 4 is incorporated herein by reference.
Item 7. Material to Be Filed as Exhibits.
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Exhibit A:
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Joint Filing Agreement, dated as of September 21, 2015, by and among Lazarus Management Company LLC, Lazarus Investment Partners LLLP, Lazarus Macro Micro Partners LLLP and Justin B. Borus.
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Exhibit B:
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Extension Notice dated September 18, 2015.
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