Note

- Paycheck Protection Program Loan:

The Company recently executed a note and received a loan (the "PPP Loan") from JP Morgan Chase Bank under the Paycheck Protection Program ("PPP") which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration. In

April 2020,

the Company received the PPP Loan of

$2,331,365.

The proceeds from the PPP Loan were used in accordance with the terms of the CARES Act program, as described further below.

The term of the PPP Loan is

two

years. The interest rate on the PPP Loan is

1.00%,

which shall be deferred for the

first

six

months of the term of the loan. Pursuant to the terms of the CARES Act, the proceeds of the PPP Loan

may

be used for payroll costs, mortgage interest, rent or utility costs. The promissory note evidencing the PPP Loan contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the promissory note. The occurrence of an event of default

may

result in a claim for the immediate repayment of all amounts outstanding under such PPP Loan, collection of all amounts owing from the respective Borrower, filing suit and obtaining judgment against the respective Borrower.

Under the terms of the CARES Act, Borrowers can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act, as described above, during a period

not

to exceed a

twenty-four

week period after loan origination and the maintenance or achievement of certain employee levels.

assurance is provided that a Borrower will obtain forgiveness under any relevant PPP Loan in whole or in part.