On March 25, 2020, the Company issued a convertible promissory note to a third-party investor for a principal amount of $560,000 and received $500,000, net of transaction costs of $10,000 paid to the investor and original issue discount. The Company also issued 50,000 shares of our common stock related to this convertible note payable. The maturity date of the convertible promissory note is March 25, 2021 and the balance of the convertible promissory note and any accrued interest may be converted at the noteholder’s option at any time at a purchase price $0.78 per share of Common Stock. The Company elected the fair value option to account for the convertible promissory note. The convertible promissory note’s fair value on issuance was recorded at $500,000. For the three and six months ending June 30, 2020, the fair value of the note increased by $240,000 and $191,900, respectively, and was recognized as current period other expense in the Company’s condensed consolidated statement of operations (as no portion of such fair value adjustment resulted from instrument-specific credit risk). As of June 30, 2020, the balance of the convertible promissory note on the Company’s condensed consolidated balance sheet was $740,000.