Note 9 – Amendments to Notes and Warrants

During the six months ended June 30, 2020, the Company entered into amendments (the "Amendments") with certain holders of the Company's 8% Unsecured Promissory Notes (the "2018 Notes") and Nontransferable Common Stock Purchase Warrants (the "2018 Warrants"). Pursuant to the Amendments, the maturity date of the applicable 2018 Notes was extended from March 29, 2021 to June 30, 2021 and the expiration date of the applicable 2018 Warrants was extended from March 29, 2021 to March 29, 2022. The terms of the applicable 2018 Notes were also amended to grant the holders of such 2018 Notes a right to participate in a future private offering of the Company's securities upon terms substantially similar to those offered to investors in a future primary offering of the Company's securities and to grant resale registration rights in connection therewith. The Company recognized in Other Expenses, $209,810 of costs relating to the 2018 Warrants extension in the accompanying condensed statements of operations.

The Company determined the proper classification of the loan modification based on ASC 470-50, Debt Modifications and Extinguishments. Because the change in present value of cash flows of the modified debt is less than 10% when compared to the present value of the cash flows of the original debt, no change is required to be made to the debt in the accompanying condensed financial statements.

Also, during the six months ended June 30, 2020, the Company entered into amendments with certain holders of the Company's Common Stock Purchase Warrants (the "2017 Warrants") pursuant to which the expiration date of the applicable 2017 Warrants was extended from June 30, 2020 to September 30, 2021. The Company recognized in Other Expenses a non-cash charge of $1,591,233 relating to the 2017 Warrants (as defined below) extension in the accompanying condensed statements of operations.