NOTE 10 – SUBSEQUENT EVENTS

On April 1, 2020, the Company issued 149,424 new non-qualified options to certain Officers, Directors and staff members.  The options have a strike price of $4.74 per share, have a term of 5-years and vest in two equal tranches on January 1, 2021 and 2022.

Also, on April 1, 2020, the Company issued 160,866 replacement options for an equal amount of options previously issued at a strike price of $6.00 per share, a 5-year term with immediate vesting.  

On April 23, 2020, the Company entered into a promissory note (the “Note”) with BBVA USA, which provides for a loan in the amount of $1,410,270 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Loan has a two-year term and bears interest at a rate of 1.00% per annum (APR 1.014%). Monthly principal and interest payments are deferred for six months after the date of disbursement. The Loan may be prepaid at any time prior to maturity with no prepayment penalties.