40.3.46: Term Sheet - EBIDTA Milestones

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Abstract

The following is a summary of the principal terms with respect to a proposed $3,400,000 Series B Preferred Stock transaction (the "Transaction"). Except as set forth below, this summary of terms is intended solely as a basis for further discussions and is not intended to be, and does not constitute, a legally binding obligation of any party. A legally binding obligation will be established only pursuant to mutually acceptable definitive written agreements executed by the parties. In the event of any inconsistency between this summary and such definitive written agreements, the definitive written agreements will govern.