Note 9 – Commitments and Contingencies

On May 20, 2021, the Company entered into an Agreement for Purchase of Sale of Improved Real Property (“Property Agreement”) to purchase property in Durham, North Carolina.  The purchase price is $1,550,000, of which the Company transferred a $50,000 deposit to the seller on May 24, 2021.  The balance due of $1,500,000 is due at closing which is to be within 75 days of the signing of the Property Agreement.  

The Company is subject to proceedings, lawsuits, contract disputes and other claims in the normal course of its business.  The Company believes that the ultimate resolution of current matters should not have a material adverse effect on the Company’s business, consolidated financial position or results of operations.  It is possible, however, that there could be an unfavorable ultimate outcome for or resolution which could be material to the Company’s results of operations for a particular quarterly reporting period.  Litigation is inherently uncertain and there can be no assurance that the Company will prevail.  The Company does not include an estimate of legal fees and other related defense costs in its estimate of loss contingencies.