On August 12, 2019, the Company entered into the Exchange Agreement whereby Leslee Dart, a Director of the Company agreed to take a convertible note instead of cash in exchange for 76,194 Put Rights that she had exercised but had not been paid. The principal amount of the convertible note is $702,500, bears interest at a rate of 10% per annum and matures on August 12, 2020. The balance of the convertible note and any accrued interest may be converted into shares of Common Stock at the noteholder’s option at any time during the term of the convertible note payable, at a purchase price based on the 30-day trailing average closing price of the Common Stock. For the three and six months ended June 30, 2020, the Company recorded interest expense in the amount of $17,563 and $35,126, respectively and did not repay any principal balance or interest on the note. As of June 30, 2020, $62,264 was recorded as accrued interest and $702,500 was recorded in convertible notes payable as current liabilities, on the condensed consolidated balance sheet.