Item 1. Legal Proceedings
ITEM
1: Legal Proceedings
We
commenced an action against BioLife in December of 2017 for Breach of Contract. The amount of damages we are seeking in this matter
are yet to be determined. Damages are not covered by insurance. BioLife, the defendant, has filed its Answer, Affirmative Defenses
and a Counterclaim in the amount of $96,676 representing the invoices withheld after BioLife indicated that they were not intending
to fulfill the balance of the contract. We have denied the allegations of the counterclaim. We conducted one mediation session
to date but have been unable to resolve the matter. The parties are currently waiting to start discovery, which we believe will
lead to an anticipated trial date. The scheduled dates for these events to transpire have yet to be determined, as they are dependent
on the reopening of the Courts, which have been temporarily closed in connection with the declared state of emergency caused by
the COVID-19 pandemic. Although it cannot be determined, we believe there is little chance for an unfavorable outcome in this
matter.
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