Page 5 of 7 – SEC Filing
Item 4. Purpose of Transaction.
The Shares covered by this statement were
acquired in the ordinary course of business solely for investment purposes and not for the purposes of participating in or influencing
the management of the Issuer.
The Reporting Persons do not have any present
plans or proposals that relate to or would result in: (i) the acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer; (ii) an extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries; (iii) a sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries; (iv) any change in the present board of directors or management of the issuer, including any plans
or proposals to change the number or term of directors or to fill any existing vacancies on the board; (v) any material change
in the present capitalization or dividend policy of the Issuer; (vi) any other material change in the Issuer’s business or
corporate structure; (vii) changes in the Issuer’s charter, by-laws or instruments corresponding thereto or other actions
which may impede the acquisition of control of the Issuer by any person; (viii) causing a class of securities of the Issuer to
be de-listed from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system
of a registered national securities association; (ix) a class of equity securities of the Issuer becoming eligible for termination
of registration pursuant to Section 12(g)(4) of the Act; or (x) any action similar to any of those enumerated above.
Notwithstanding the foregoing, the Reporting
Persons reserve the right to discuss various views and opinions with respect to the Issuer and its business plans with the Issuer.
Item 5. Interest in Securities
of the Issuer.
| (a) | The aggregate percentage of shares reported owned by each person named herein is based on 16,683,127 Common |
As of the close of business
on the date hereof, Longboard, as the investment advisor to the Investment Vehicles, and Brett Conrad, as the managing member,
may be deemed to beneficially own the 4,229,259 Shares (including shares issuable upon exercise of warrants) owned in the aggregate
by the Investment Vehicles, constituting approximately 25.35% of the shares of Common Stock outstanding.
| (b) | The Reporting Persons possess the sole power to vote, and/or to direct the disposition of the shares held by the Reporting Persons. |
| (c) | On September 25, 2017, Blue Earth Fund, LP and Conrad Group Inc. Defined Benefit Plan each purchased, |
On February 22, 2017, Grayboard
Investments, Ltd entered into that certain securities purchase agreement with the Issuer in which the Issuer sold 1,626,898 units
at a price of $4.61 per unit for total aggregate gross proceeds of $7,500,000. Each unit consists of one share of Common Stock
and one warrant to purchase one share of Common Stock at an exercise price of $8.25 per share.
On January 12th, 13th
and 17th, 2017, Conrad Group Inc. Defined Benefit Plan purchased, through brokerage transactions on the open market,
a total of 20,000 Common Shares at a purchase price of $4.28 per share for total aggregate gross proceeds of $85,600.
On January 04, 2017 Grayboard
Investments, Ltd purchased on the open market 13,200 shares of Common Stock for the aggregate gross proceeds of $64,364.52 at a
price of $4.87 per share.
On December 30, 2016 Grayboard
Investments, Ltd purchased on the open market 10,000 shares of Common Stock for the aggregate gross proceeds of $47,800 at a price
of $4.78 per share.
Except as reported directly
above, the Reporting Persons have not affected any transactions in the Common Stock of the Issuer during the past 60 days.
| (d) | Not applicable |
| (e) | Not applicable |
Item 6. Contracts, Arrangements,
Understandings or Relationships with Respect to Securities of the Issuer.
On October 16, 2017, the Reporting Persons
entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements
on Schedule 13D with respect to securities of the Issuer, to the extent required by applicable law. A copy of this agreement is
attached hereto as Exhibit A and is incorporated herein by reference.
Other than as described herein, there
are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons
and any other person, with respect to the securities of the Issuer.
Item 7. Material to Be Filed
as Exhibits.
Exhibit A Joint Filing Agreement, dated
October 16, 2017
