On January 29, 2016, Tarsier Ltd. entered into the Credit Agreement with TCA Global Credit Master Fund, LP (TCA). Pursuant to the Credit Agreement, TCA agreed to lend up to a maximum of $15 million for working capital purposes, and provided an initial credit line in the amount of $5,000,000, which is subject to funding in the discretion of TCA. In connection with the closing of acquisition of Bulbs, an additional take down of $1,200,000 was funded by TCA. In connection with such advance, the company entered into the First Amendment to Credit Agreement dated effective as of December 30, 2016, pursuant to which the company amended the Credit Agreement to extend the term of the revolving loan under the Credit Agreement to the earlier of August 30, 2018 and the date of prepayment of all amounts owed by under the Credit Agreement or the occurrence of an Event of Default and the acceleration by TCA of all obligations under the Credit Agreement and related security agreements. In consideration of such advance and amendments, the company paid to TCA a transaction advisory fee and certain other fees in the aggregate amount of approximately $31,000 and increased the Advisory Fee payable to TCA under the Credit Agreement from $5 million to $6 million, which fee shall be payable in the manner set in the Credit Agreement.

Effective October 15, 2016, Randall D. Satin resigned his position as a director of company due to personal reasons.