Note 9 - Subsequent Events

Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the condensed financial statements were issued require adjustment or disclosure in the Company’s condensed financial statements.

On April 13, 2018, the Company entered into Note and Warrant Purchase Agreements (the “Purchase Agreements”) with certain accredited investors (the “Investors”) pursuant to which the Company issued to the Investors $1,760,000 aggregate principal amount of its 8% Unsecured Promissory Notes Due 2021 (the “Notes”). Notes in the aggregate amount of $40,000 were purchased by an officer of the Company. The Notes were issued together with warrants to purchase up to an aggregate of 352,000 shares of the Company’s common stock (the “Warrants”). The Warrants may be exercised at any time prior to March 29, 2021; provided, however, that if a Note is repaid prior to March 29, 2019, then the expiry date of the related Warrant is subject to acceleration. The exercise price of the Warrants is $5.30 per share. The Notes and Warrants represent the second and final tranche of a private offering of Notes and Warrants. All outstanding principal and accrued interest on the Notes will become due and payable on March 29, 2021.

Subsequent to March 31, 2018, warrants to purchase 6,982 shares of common stock were exercised for aggregate cash proceeds of $3,491.