Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
On March 15, 2022, Robert Stang filed an action against
Teal Drones, Inc. and George Matus in the United States District Court for the Northern District of California, Robert Stang v. Teal Drones,
Inc. and George Matus (No. 22-cv-01586-JSC). The complaint asserts claims for breach of contract and unlawful conversion and sale of shares
of common stock that plaintiff alleges to have purchased from Teal Drones, Inc. prior to the acquisition by the Company. The Complaint
also alleges breach of fiduciary duty against Mr. Matus and seeks in excess of $1 million in damages. The Company has not been formally
served and expects to seek dismissal of such action.
ITEM 4. MINE SAFETY DISCLOSURES
None.
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PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.