Note 10 – Subsequent Event

Settlement and Release of Escrow Receivable

On May 4, 2020, the final pending claim against the Company’s escrow account with Mylan was resolved and, as a consequence, the Escrow Agent released all funds from the escrow account to the Company on May 7, 2020, in the amount of $4.8 million.

Receipt of Loan under the Paycheck Protection Program

On May 3, 2020, the Company entered into a promissory note and agreement (the “Note”) with Wells Fargo, N.A. for an aggregate principal amount of $295,250 (the “Loan”), pursuant to the Paycheck Protection Program under the recently enacted Coronavirus Aid, Relief, and Economic Security Act.

The Loan matures two years from the disbursement date and bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. We did not provide any collateral or guarantees for the Loan, not did we pay any facility charge to obtain the Loan.