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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
SUBSEQUENT EVENTS

 

5. SUBSEQUENT EVENTS

 

On May 13, 2019, the Company issued a promissory note to an affiliate of a shareholder in the amount of $15,000 (“2019 Note”).  The proceeds of the 2019 Note will be used for ongoing operating expenses.   The loan bears interest at 10% per annum.  Interest and principal on the loan is to be repaid on August 31, 2021, and all payments are subordinate to the payment of all outstanding amounts due under the 2014 Note. The foregoing description of the 2019 Note is qualified in its entirety by reference to the full text of the 2019 Note, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

No other material subsequent events have occurred since March 31, 2019 that require recognition or disclosure in the financial statements.