Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
3 Months Ended
Jun. 30, 2022
Subsequent Events  
Subsequent Events

17.  Subsequent Events

The Company has evaluated subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes all appropriate footnote disclosure of events both recognized in the financial statements as of June 30, 2022, and events which occurred subsequently but were not recognized in the financial statements. Except as described below, there were no other subsequent events which required recognition, adjustment to or disclosure in the financial statements.

On July 13, 2022 the Company entered into the Second Amendment to the A&R Note Purchase Agreement with the Purchaser and the Collateral Agent, pursuant to which (i) the Purchaser and the Collateral Agent waived our breach of the Adjusted EBITDA covenant and (ii) the A&R Note Purchase Agreement has been amended to, among other things, add certain new covenants, including requirements that we use our commercially reasonable best efforts to raise at least $10 million through a sale of our common stock by September 14, 2022 and refinance the Notes by October 1, 2022.

On August 10, 2022 the Company entered into the Third Amendment to the A&R Note Purchase Agreement with the Purchaser and the Collateral Agent, pursuant to which the Purchaser and the Collateral Agent extended to August 31, 2022 the date by which the Company is obligated to enter into an engagement agreement with an investment banking professional services firm in connection with a repayment of all of the Obligations under the Notes.