IMO it has nothing to do with the bondies. Reads like it was a technical default because KRYFQ is short of money as our DIP funding schedule was based on early BOD projections for income (from equipment) and expenses. These were way off and we do not have enough to make it to the next tranche of funding in the original DIP. I hope Tony Reyes, our guy in the corner, can cut some off of the expenditures and salaries in the next round.