9 July 2020
Palm Beach, Florida

Second Quarter Management Discussion

The second quarter of 2020 has continued uneventful with little accomplishment in meeting with prospective interests in our technologies. Although we were making encouraging progress in conversations with several multinationals prior to COVID-19, we were thwarted by the crisis and experienced the frustration that the entire world still endures. However, it is our intention to continue to keep in touch with those interested parties and, with some semblances of order, we will soon return to planning meetings with more sustenance. We also expect to be alerted by convention promoters and exhibitors as to the new dates for previously scheduled European shows, symposia, and conferences are rescheduled. We had expected to have a presence in four events beginning in April and lasting through November 2020.

The hardships that have affected the entire global economy constantly reminds us that our little emerging growth company is not alone; all businesses are, at best, just scarcely beginning to sluggishly return; even our Federal government is slowly limping by to catch up. Our Science Consultant who traveled to Estonia for a presentation is still awaiting permission to return to Florida. Although these inconveniences are seemingly less significant compared to much greater circumstances, we too, have to deal with such unexpected matters.

We have filed our Required Reports in a timely manner and expect to file our 10-Q for the second quarter on time. Our budget is prepared to anticipate and provide for all expenses and the new persistent down time. We enjoy a positive Working Capital and we continue to meet our obligations. We have a healthy cash balance and no debt. We have no legal issues, pending or otherwise.

Our focus is to continue to reach out to our global friends who have shown interest and to make a concerted effort to bring our technologies to others’ attention. We have increased our social media efforts and strive to continually update our website with any relevant news affecting our initiatives. We maintain a working relationship with our University partners and uphold our agreements to reimburse them for the legal and prosecution expenses of patent maintenance. We have been fortunate to attract other Universities worldwide who periodically alert us of upcoming Intellectual Properties in which we may have an interest—quite gratifying to be recognized.

We express our heartfelt hope for your health and well-being. We also share with you our optimism for a renewed, stimulating economy with a profound faith in an exciting upsurge in worldwide commerce.
With best wishes,
EW Letiziano,
Chairman
9 July 2020