On July 31, 2020, the Company entered into a five-year licensing agreement with Microsafe Group, DMCC, an international distributor, for the non-exclusive rights to sell disinfectant and sanitizer manufactured by the Company for use as a surface disinfectant with nebulizers and aerosol sprayers in the United States. The Company agreed to supply Microsafe Group with product at agreed upon transfer prices. The Company also agreed to collaborate to obtain the necessary regulatory approvals from the U.S. Environmental Protection Agency. Microsafe Group will provide the Company with the data and research obtained from regulatory approvals in Australia and the Company will coordinate the approval process. Microsafe Group will bear the cost of obtaining such approvals.

Neither the Company nor MicroSafe Group have yet obtained any regulatory clearance to sell disinfectant manufactured by the Company in the United States. There is no guarantee such approvals will be granted. If the Company or MicroSafe Group are unable to obtain the necessary regulatory approvals, there will be no sales pursuant to this licensing agreement.

The Company retained the right to enter into third party licensing agreements for use of its product or to sell it itself. If the Company enters into a third-party licensing agreement during the period that is five years following the execution of the licensing agreement, the Company will pay Microsafe Group a commission on any up-front lump-sum payment it receives, excluding any payment or part of a payment that relates to set up fees or covers regulatory compliance costs. If the Company enters into a third-party licensing agreement, it will pay Microsafe Group a commission on any net revenue collected by the Company during the five-year term, excluding returns and credits for any reason including recalls and contractual allowances, or bad debts. The payments the Company is required to make under the licensing agreements for the foregoing provisions are capped at $1,000,000.