From January 1, 2020 to date of the issuance of these financial statements, the Company issued 300 shares of its Series B 5% convertible preferred stock, for aggregate gross proceeds of approximately $255,000, upon exercise of 300 warrants. In addition, there were 570 preferred stock shares converted to approximately 12.4 million shares of common stock.

On January 22, 2020, the Company filed a complaint against Cummings Properties, LLC in the Superior Court of the Commonwealth of Massachusetts (C.A. No. 20-77CV00101), seeking, among other things, declaratory relief that the lease for the Company’s prior principal executive offices did not automatically extend for an additional five years from September 2018, return of the Company’s security deposit, and damages. This action is in the preliminary stages and the Company is currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any.

The Company has evaluated events subsequent to December 31, 2019 through the issuance of these financial statements and determined that there were no additional events requiring disclosure.