|
|
|
Delaware
|
04-3156167
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
Common Stock, par value $0.001 per share
|
AQB
|
The NASDAQ Stock Market LLC
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer þ
|
Smaller reporting company þ
|
|
|
|
Emerging growth company þ
|
|
AquaBounty Technologies, Inc.
|
||
FORM 10-Q
|
||
For the Quarterly Period Ended March 31, 2020
|
||
|
||
TABLE OF CONTENTS
|
||
|
||
Page
|
||
|
||
•
|
the anticipated benefits and characteristics of our AquAdvantage Salmon product;
|
•
|
the implementation and likelihood of achieving the business plan, future revenue, and operating results;
|
•
|
our plans for and the timing of the development of new farms and the output of those farms;
|
•
|
developments concerning our research projects;
|
•
|
our expectations regarding our ability to successfully enter new markets or develop additional products;
|
•
|
our competitive position and developments and projections relating to our competitors and our industry;
|
•
|
expectations regarding anticipated operating results;
|
•
|
our cash position and ability to raise additional capital to finance our activities;
|
•
|
the impact of the COVID-19 coronavirus outbreak on our business, operations, and financial results, any of which could be significantly impaired by the COVID-19 pandemic;
|
•
|
our ability to protect our intellectual property and other proprietary rights and technologies;
|
•
|
the impact of and our ability to adapt to changes in laws or regulations and policies;
|
•
|
the ability to secure any necessary regulatory approvals to commercialize any products;
|
•
|
the rate and degree of market acceptance of any products developed through the application of bioengineering, including bioengineered fish;
|
•
|
our ability to retain and recruit key personnel;
|
•
|
the success of any of our future acquisitions or investments;
|
•
|
our expectations regarding the time during which we will be an emerging growth company under the JOBS Act; and
|
•
|
our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing.
|
|
|
As of
|
||||||
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
14,749,746
|
|
|
$
|
2,798,744
|
|
Other receivables
|
|
82,873
|
|
|
55,198
|
|
||
Inventory
|
|
1,833,957
|
|
|
1,232,049
|
|
||
Prepaid expenses and other current assets
|
|
364,700
|
|
|
391,162
|
|
||
Total current assets
|
|
17,031,276
|
|
|
4,477,153
|
|
||
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
23,708,229
|
|
|
25,065,836
|
|
||
Right of use assets, net
|
|
385,519
|
|
|
399,477
|
|
||
Definite-lived intangible assets, net
|
|
154,162
|
|
|
157,588
|
|
||
Indefinite-lived intangible assets
|
|
101,661
|
|
|
101,661
|
|
||
Other assets
|
|
33,331
|
|
|
32,024
|
|
||
Total assets
|
|
$
|
41,414,178
|
|
|
$
|
30,233,739
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
1,834,685
|
|
|
$
|
1,462,809
|
|
Other current liabilities
|
|
62,939
|
|
|
62,286
|
|
||
Current debt
|
|
150,730
|
|
|
163,155
|
|
||
Total current liabilities
|
|
2,048,354
|
|
|
1,688,250
|
|
||
|
|
|
|
|
||||
Long-term lease obligations
|
|
336,997
|
|
|
352,808
|
|
||
Long-term debt
|
|
4,032,744
|
|
|
4,432,052
|
|
||
Total liabilities
|
|
6,418,095
|
|
|
6,473,110
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.001 par value, 50,000,000 shares authorized;
|
|
|
|
|
||||
32,085,684 (2019: 21,635,365) shares outstanding
|
|
32,086
|
|
|
21,635
|
|
||
Additional paid-in capital
|
|
170,957,969
|
|
|
156,241,363
|
|
||
Accumulated other comprehensive loss
|
|
(742,145
|
)
|
|
(360,160
|
)
|
||
Accumulated deficit
|
|
(135,251,827
|
)
|
|
(132,142,209
|
)
|
||
Total stockholders’ equity
|
|
34,996,083
|
|
|
23,760,629
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
41,414,178
|
|
|
$
|
30,233,739
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
|
|
|
|
|
||||
Revenues
|
|
|
|
|
||||
Product revenues
|
|
$
|
6,753
|
|
|
$
|
97,885
|
|
|
|
|
|
|
||||
Costs and expenses
|
|
|
|
|
||||
Production costs
|
|
841,434
|
|
|
862,255
|
|
||
Sales and marketing
|
|
50,788
|
|
|
71,991
|
|
||
Research and development
|
|
568,762
|
|
|
663,481
|
|
||
General and administrative
|
|
1,637,190
|
|
|
1,255,851
|
|
||
Total costs and expenses
|
|
3,098,174
|
|
|
2,853,578
|
|
||
|
|
|
|
|
||||
Operating loss
|
|
(3,091,421
|
)
|
|
(2,755,693
|
)
|
||
|
|
|
|
|
||||
Other income (expense)
|
|
|
|
|
||||
Interest expense
|
|
(17,045
|
)
|
|
(13,338
|
)
|
||
Other income (expense), net
|
|
(1,152
|
)
|
|
5,100
|
|
||
Total other income (expense)
|
|
(18,197
|
)
|
|
(8,238
|
)
|
||
|
|
|
|
|
||||
Net loss
|
|
$
|
(3,109,618
|
)
|
|
$
|
(2,763,931
|
)
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
||||
Foreign currency translation gain (loss)
|
|
(381,985
|
)
|
|
87,551
|
|
||
Total other comprehensive income (loss)
|
|
(381,985
|
)
|
|
87,551
|
|
||
|
|
|
|
|
||||
Comprehensive loss
|
|
$
|
(3,491,603
|
)
|
|
$
|
(2,676,380
|
)
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Basic and diluted net loss per share
|
|
$
|
(0.11
|
)
|
|
$
|
(0.18
|
)
|
Weighted average number of common shares -
|
|
|
|
|
||||
basic and diluted
|
|
27,116,754
|
|
|
15,687,681
|
|
||
|
|
|
|
|
|
|
Common stock issued and outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total
|
|||||||||||
Balance at December 31, 2018
|
|
15,098,837
|
|
|
$
|
15,099
|
|
|
$
|
142,707,957
|
|
|
$
|
(574,186
|
)
|
|
$
|
(118,914,567
|
)
|
|
$
|
23,234,303
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(2,763,931
|
)
|
|
(2,763,931
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
87,551
|
|
|
|
|
87,551
|
|
|||||||||
Issuance of common stock, net
|
|
3,345,282
|
|
|
3345
|
|
|
6,606,310
|
|
|
|
|
|
|
6,609,655
|
|
|||||||
Exercise of warrants
|
|
76,797
|
|
|
77
|
|
|
250,347
|
|
|
|
|
|
|
250,424
|
|
|||||||
Share based compensation
|
|
176,561
|
|
|
176
|
|
|
138,322
|
|
|
|
|
|
|
138,498
|
|
|||||||
Balance at March 31, 2019
|
|
18,697,477
|
|
|
$
|
18,697
|
|
|
$
|
149,702,936
|
|
|
$
|
(486,635
|
)
|
|
$
|
(121,678,498
|
)
|
|
$
|
27,556,500
|
|
|
|
Common stock issued and outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total
|
|||||||||||
Balance at December 31, 2019
|
|
21,635,365
|
|
|
$
|
21,635
|
|
|
$
|
156,241,363
|
|
|
$
|
(360,160
|
)
|
|
$
|
(132,142,209
|
)
|
|
$
|
23,760,629
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(3,109,618
|
)
|
|
(3,109,618
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
(381,985
|
)
|
|
|
|
(381,985
|
)
|
|||||||||
Issuance of common stock, net
|
|
10,350,000
|
|
|
10350
|
|
|
14,511,354
|
|
|
|
|
|
|
14,521,704
|
|
|||||||
Share based compensation
|
|
100,319
|
|
|
101
|
|
|
205,252
|
|
|
|
|
|
|
205,353
|
|
|||||||
Balance at March 31, 2020
|
|
32,085,684
|
|
|
$
|
32,086
|
|
|
$
|
170,957,969
|
|
|
$
|
(742,145
|
)
|
|
$
|
(135,251,827
|
)
|
|
$
|
34,996,083
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
|
|
|
|
|
||||
Operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(3,109,618
|
)
|
|
$
|
(2,763,931
|
)
|
Adjustment to reconcile net loss to net cash used in
|
|
|
|
|
||||
operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
347,859
|
|
|
285,308
|
|
||
Share-based compensation
|
|
205,353
|
|
|
138,498
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Other receivables
|
|
(33,978
|
)
|
|
(18,410
|
)
|
||
Inventory
|
|
(610,200
|
)
|
|
(83,158
|
)
|
||
Prepaid expenses and other assets
|
|
(73,944
|
)
|
|
55,504
|
|
||
Accounts payable and accrued liabilities
|
|
339,818
|
|
|
253,509
|
|
||
Net cash used in operating activities
|
|
(2,934,710
|
)
|
|
(2,132,680
|
)
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(691,351
|
)
|
|
(456,436
|
)
|
||
Proceeds from sale of asset held for sale
|
|
98,000
|
|
|
—
|
|
||
Proceeds from legal settlement, net
|
|
1,014,008
|
|
|
—
|
|
||
Other investing activities
|
|
(1,307
|
)
|
|
13
|
|
||
Net cash provided by (used in) investing activities
|
|
419,350
|
|
|
(456,423
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
||||
Proceeds from issuance of debt
|
|
—
|
|
|
376,117
|
|
||
Repayment of term debt
|
|
(39,391
|
)
|
|
(9,619
|
)
|
||
Proceeds from the issuance of common stock, net
|
|
14,521,704
|
|
|
6,609,655
|
|
||
Proceeds from the exercise of stock options and warrants, net
|
|
—
|
|
|
250,424
|
|
||
Net cash provided by financing activities
|
|
14,482,313
|
|
|
7,226,577
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
(15,951
|
)
|
|
2,951
|
|
||
Net change in cash and cash equivalents
|
|
11,951,002
|
|
|
4,640,425
|
|
||
Cash and cash equivalents at beginning of period
|
|
2,798,744
|
|
|
3,002,557
|
|
||
Cash and cash equivalents at the end of period
|
|
$
|
14,749,746
|
|
|
$
|
7,642,982
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information and
|
|
|
|
|
||||
non-cash transactions:
|
|
|
|
|
||||
Interest paid in cash
|
|
$
|
17,045
|
|
|
$
|
13,338
|
|
Property and equipment included in accounts payable and accrued liabilities
|
|
$
|
257,884
|
|
|
$
|
79,193
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Feed
|
|
$
|
250,459
|
|
|
$
|
251,778
|
|
Eggs
|
|
52,920
|
|
|
55,887
|
|
||
Fish in process
|
|
1,530,578
|
|
|
924,384
|
|
||
Total inventory
|
|
$
|
1,833,957
|
|
|
$
|
1,232,049
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Land
|
|
$
|
695,070
|
|
|
$
|
718,586
|
|
Building and improvements
|
|
13,189,326
|
|
|
13,297,489
|
|
||
Construction in process
|
|
2,143,920
|
|
|
2,105,873
|
|
||
Equipment
|
|
11,192,849
|
|
|
12,275,619
|
|
||
Office furniture and equipment
|
|
198,838
|
|
|
201,813
|
|
||
Vehicles
|
|
25,807
|
|
|
28,097
|
|
||
Total property and equipment
|
|
$
|
27,445,810
|
|
|
$
|
28,627,477
|
|
Less accumulated depreciation and amortization
|
|
(3,737,581
|
)
|
|
(3,561,641
|
)
|
||
Property, plant and equipment, net
|
|
$
|
23,708,229
|
|
|
$
|
25,065,836
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Accounts payable
|
|
$
|
1,233,052
|
|
|
$
|
809,444
|
|
Accrued payroll including vacation
|
|
365,564
|
|
|
236,489
|
|
||
Accrued professional fees and contract services
|
|
196,098
|
|
|
346,349
|
|
||
Accrued construction costs
|
|
20,946
|
|
|
—
|
|
||
Accrued taxes and other
|
|
19,025
|
|
|
70,527
|
|
||
Accounts payable and accrued liabilities
|
|
$
|
1,834,685
|
|
|
$
|
1,462,809
|
|
Original loan amount
|
|
Interest
rate |
|
Monthly
repayment |
|
Maturity
date |
|
March 31, 2020
|
|
December 31, 2019
|
||||
ACOA AIF grant (C$2,871,919)
|
|
0%
|
|
Royalties
|
|
-
|
|
$
|
2,026,426
|
|
|
$
|
2,206,208
|
|
ACOA term loan (C$337,000)
|
|
0%
|
|
C$3,120
|
|
June 2026
|
|
162,937
|
|
|
184,583
|
|
||
ACOA term loan (C$500,000)
|
|
0%
|
|
C$4,630
|
|
November 2028
|
|
342,999
|
|
|
384,100
|
|
||
Kubota Canada Ltd. (C$95,961)
|
|
0%
|
|
C$1,142
|
|
January 2025
|
|
46,752
|
|
|
53,533
|
|
||
Finance PEI term loan (C$2,717,093)
|
|
4%
|
|
C$16,313
|
|
November 2023
|
|
1,604,360
|
|
|
1,766,783
|
|
||
Total debt
|
|
|
|
|
|
|
|
$
|
4,183,474
|
|
|
$
|
4,595,207
|
|
less: current portion
|
|
|
|
|
|
|
|
(150,730
|
)
|
|
(163,155
|
)
|
||
Long-term debt
|
|
|
|
|
|
|
|
$
|
4,032,744
|
|
|
$
|
4,432,052
|
|
Year
|
|
AIF
|
|
ACOA
|
|
FPEI
|
|
Kubota
|
|
Total
|
||||||||||
2020
|
|
$
|
—
|
|
|
$
|
49,215
|
|
|
$
|
56,116
|
|
|
$
|
7,255
|
|
|
$
|
112,586
|
|
2021
|
|
—
|
|
|
65,621
|
|
|
77,609
|
|
|
9,673
|
|
|
152,903
|
|
|||||
2022
|
|
—
|
|
|
65,621
|
|
|
80,771
|
|
|
9,673
|
|
|
156,065
|
|
|||||
2023
|
|
—
|
|
|
65,621
|
|
|
1,389,864
|
|
|
9,673
|
|
|
1,465,158
|
|
|||||
2024
|
|
—
|
|
|
65,621
|
|
|
—
|
|
|
9,673
|
|
|
75,294
|
|
|||||
Thereafter
|
|
2,026,426
|
|
|
194,237
|
|
|
—
|
|
|
805
|
|
|
2,221,468
|
|
|||||
Total
|
|
$
|
2,026,426
|
|
|
$
|
505,936
|
|
|
$
|
1,604,360
|
|
|
$
|
46,752
|
|
|
$
|
4,183,474
|
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||
|
Lease Type
|
End Date
|
Remaining Years
|
Remaining Payments
|
Lease Liability
|
|
Remaining Payments
|
Lease Liability
|
||||||||
Maynard Office Lease
|
Operating
|
Mar 2023
|
3.0
|
$
|
199,545
|
|
$
|
173,646
|
|
|
$
|
215,556
|
|
$
|
186,323
|
|
Indiana Auto Lease
|
Operating
|
Feb 2021
|
0.9
|
4,789
|
|
4,389
|
|
|
5,999
|
|
5,533
|
|
||||
Indiana Well Lease
|
Operating
|
Dec 2048
|
28.8
|
698,458
|
|
221,901
|
|
|
702,341
|
|
223,238
|
|
||||
Total leases
|
|
|
|
$
|
902,792
|
|
$
|
399,936
|
|
|
$
|
923,896
|
|
$
|
415,094
|
|
Less: current portion
|
|
|
|
(85,519
|
)
|
(62,939
|
)
|
|
(85,011
|
)
|
(62,286
|
)
|
||||
Long-term leases
|
|
|
|
$
|
817,273
|
|
$
|
336,997
|
|
|
$
|
838,885
|
|
$
|
352,808
|
|
Year
|
|
Office
|
Auto
|
Well
|
Amount
|
||||||||
2020
|
|
$
|
48,626
|
|
$
|
3,632
|
|
$
|
11,649
|
|
$
|
63,907
|
|
2021
|
|
66,416
|
|
1,157
|
|
15,998
|
|
83,571
|
|
||||
2022
|
|
67,602
|
|
—
|
|
16,478
|
|
84,080
|
|
||||
2023
|
|
16,901
|
|
—
|
|
16,972
|
|
33,873
|
|
||||
2024
|
|
—
|
|
—
|
|
17,481
|
|
17,481
|
|
||||
Thereafter
|
|
—
|
|
—
|
|
619,880
|
|
619,880
|
|
||||
Total Lease Payments
|
|
$
|
199,545
|
|
$
|
4,789
|
|
$
|
698,458
|
|
$
|
902,792
|
|
|
|
Number of
warrant shares
|
|
Weighted
average
exercise price
|
|||
Outstanding at December 31, 2019
|
|
1,662,304
|
|
|
|
$3.25
|
|
Outstanding at March 31, 2020
|
|
1,662,304
|
|
|
|
$3.25
|
|
Exercisable at March 31, 2020
|
|
1,662,304
|
|
|
|
$3.25
|
|
|
|
Shares
|
|
Weighted
average grant
date fair value
|
|||
Balance at December 31, 2019
|
|
39,900
|
|
|
|
$3.51
|
|
Granted
|
|
100,319
|
|
|
1.88
|
|
|
Vested
|
|
(40,626
|
)
|
|
2.01
|
|
|
Balance at March 31, 2020
|
|
99,593
|
|
|
|
$2.00
|
|
|
|
Number of
options
|
|
Weighted
average
exercise price
|
|||
Outstanding at December 31, 2019
|
|
573,925
|
|
|
|
$4.94
|
|
Issued
|
|
98,458
|
|
|
1.97
|
|
|
Expired
|
|
(14,835
|
)
|
|
11.62
|
|
|
Outstanding at March 31, 2020
|
|
657,548
|
|
|
|
$4.35
|
|
Exercisable at March 31, 2020
|
|
524,398
|
|
|
|
$4.93
|
|
|
|
March 2020
|
|
January 2020
|
Expected volatility
|
|
102%
|
|
101%
|
Risk free interest rate
|
|
0.66%
|
|
1.67%
|
Expected dividend yield
|
|
0%
|
|
0%
|
Expected life (in years)
|
|
5
|
|
5
|
Weighted average exercise price of outstanding options
|
|
Number of options outstanding
|
|
Weighted average remaining estimated life (in years)
|
|
Number of options exercisable
|
|
Weighted average exercise price of outstanding and exercisable options
|
||
$1.88 - $2.50
|
|
525,519
|
|
|
9.0
|
|
392,369
|
|
|
|
$3.30 - $6.90
|
|
37,139
|
|
|
2.3
|
|
37,139
|
|
|
|
$7.50 - $10.80
|
|
21,303
|
|
|
4.1
|
|
21,303
|
|
|
|
$14.20 - $23.40
|
|
73,587
|
|
|
6.1
|
|
73,587
|
|
|
|
|
|
657,548
|
|
|
|
|
524,398
|
|
|
$4.93
|
•
|
salaries and related overhead expenses for personnel in research, development functions, and brood-stock husbandry;
|
•
|
fees paid to contract research organizations and consultants who perform research for us;
|
•
|
costs related to laboratory supplies used in our research and development efforts; and
|
•
|
costs related to the operation of our field trials.
|
|
|
Three Months End March 31,
|
|
Dollar
Change
|
|
%
Change
|
|||||||||
|
|
2020
|
|
2019
|
|
|
|||||||||
|
|
(unaudited)
|
|
|
|
|
|||||||||
Product revenue
|
|
$
|
7
|
|
|
$
|
98
|
|
|
$
|
(91
|
)
|
|
(93
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Production costs
|
|
841
|
|
|
862
|
|
|
(21
|
)
|
|
(2
|
)%
|
|||
Sales and marketing
|
|
51
|
|
|
72
|
|
|
(21
|
)
|
|
(29
|
)%
|
|||
Research and development
|
|
569
|
|
|
664
|
|
|
(95
|
)
|
|
(14
|
)%
|
|||
General and administrative
|
|
1,637
|
|
|
1,256
|
|
|
381
|
|
|
30
|
%
|
|||
Operating loss
|
|
3,091
|
|
|
2,756
|
|
|
335
|
|
|
12
|
%
|
|||
Total other (income) expense
|
|
18
|
|
|
8
|
|
|
10
|
|
|
125
|
%
|
|||
Net loss
|
|
$
|
3,109
|
|
|
$
|
2,764
|
|
|
$
|
345
|
|
|
12
|
%
|
|
Three Months Ended
March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(unaudited)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(2,935
|
)
|
|
$
|
(2,133
|
)
|
Investing activities
|
420
|
|
|
(456
|
)
|
||
Financing activities
|
14,482
|
|
|
7,226
|
|
||
Effect of exchange rate changes on cash
|
(16
|
)
|
|
3
|
|
||
Net increase (decrease) in cash
|
$
|
11,951
|
|
|
$
|
4,640
|
|
|
|
AQUABOUNTY TECHNOLOGIES, INC.
|
|
|
|
May 5, 2020
|
|
/s/ Sylvia Wulf
|
|
|
Sylvia Wulf
|
|
|
President, Chief Executive Officer, and Director (Principal Executive Officer)
|
|
|
|
May 5, 2020
|
|
/s/ David A. Frank
|
|
|
David A. Frank
|
|
|
Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
May 5, 2020
|
/s/ Sylvia Wulf
|
|
|
Sylvia Wulf
Chief Executive Officer
(Principal Executive Officer)
|
Date:
|
May 5, 2020
|
/s/ David A. Frank
|
|
|
David A. Frank
Chief Financial Officer
(Principal Financial Officer)
|
/s/ Sylvia Wulf
|
|
/s/ David A. Frank
|
Sylvia Wulf
Chief Executive Officer
(Principal Executive Officer)
|
|
David A. Frank
Chief Financial Officer
(Principal Financial Officer)
|