Cannot execute queries and no connectivity is linked when opening custom extensions files (4227629)

I have several custom extensions being used in Toad for SQL Server 5.5 and I'm able to open and execute the queries named with the custom extensions.

However I recently upgraded to Toad for SQL Server 5.6 and noticed that I can no longer execute the queries with the custom extension. I verified that the custom extension is in the Toad Options for version 5.6. I also noticed that the execute buttons and schema drop-down list are all grayed out. Even the F5 or other hot keys to execute will not work and any color association to the connection is off too.

Version 5.5 still works.