The accompanying notes are an integral part of these unaudited financial statements. 

StHealth Capital Investment Corp.
Statements of Operations
(Unaudited)

The accompanying notes are an integral part of these unaudited financial statements. 

StHealth Capital Investment Corp.
Unaudited Condensed Statements of Stockholders’ EquityOperations
(Unaudited)For the Three Months Ended March 31,

Three months ended September 30, 2020 and 2019 

Nine months ended September 30, 2020 and 2019

The accompanying notes are an integral part of these unaudited financial statements. 

StHealth Capital Investment Corp.
Statements of Changes in Net Assets
(Unaudited)

The accompanying notes are an integral part of these unaudited financial statements. 

StHealth Capital Investment Corp.
Statements of Cash Flows
(Unaudited)

The accompanying notes are an integral part of these unaudited financial statements.

StHealth Capital Investment Corp.
Unaudited Condensed Statements of Changes in Stockholders’ Equity
For the Three Months Ended March 31, 2021 and 2020

StHealth Capital Investment Corp.
Notes to Unaudited Condensed Financial Statements
For the threeThree Months ended March 31, 2021 and nine months ended September 30, 2020 and 2019
(Unaudited)

Note 1.1 - Nature of the Business and Summary of Significant Accounting Policies

StHealth Capital Investment Corp. (formerly First Capital Investment Corporation and Freedom Capital Corporation) (the “Company”), was incorporated under the general corporation laws of the State of Maryland on June 19, 2014. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and that intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”)., for which it believes it qualified for as of January 2021 however has not yet filed documents with the IRS.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The Company is an investment company, as defined under U.S. GAAP, and applies accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 946, Financial Services - Investment Companies.

Unaudited Interim Financial Information: These unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, for("GAAP"). In our opinion, the unaudited interim condensed financial information and with the instructions for Form 10Q and Article 10 of Regulation SX. Accordingly, they do notstatements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of March 31, 2021, our results of operations for the three months ended March 31, 2021 and 2020, and our cash flows for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the information and footnotes required by GAAPresults to be expected for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’syear ending December 31, 2021. These unaudited interim unauditedcondensed financial statements should be read in conjunction with its auditedthe financial statements as of and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 included in2020 filed with the Company’s annual report on Form 10K for the year ended December 31, 2019. Operating results for the nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The September 30, 2020 balance sheet and schedule of investments are derived from the Company’s audited financial statements as of and for the year ended December 31, 2019. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Accounting Standards Codification, or ASC, Topic 946, Financial Services—Investment Companies.SEC.

Net Increase in Net Assets Resulting from Operations per Share: The net increase in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

Valuation of Portfolio Investments: The Company intends to determine the net asset value of its investment portfolio each quarter. The boardCompany’s Board of directorsDirectors also reviews and approves the valuation for each period end. Securities that are publicly traded will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded will be valued at fair value as determined in good faith by the Company’s boardBoard of directorsDirectors - in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC Topic 820”).  Under ASC Topic 820, defines fair value establishesis defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework usedand creates a fair value hierarchy in order to measureincrease the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and requiresASC 820-10-50 details the disclosures that are required for items measured at fair value.

The Company may have various financial instruments that must be measured under the new fair value measurements,standard including cash, promissory notes payable. The Company's financial assets and liabilities are measured using inputs from the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs.  ASC Topic 820 requires disclosurethree levels of the fair value of financial instrumentshierarchy. The three levels are as follows:

Cash, security deposit, prepaid expenses, accrued expenses and note payable reported on the balance sheet are estimated by management to approximate fair market value due to their short-term nature.

Revenue Recognition for Interest Income:  Revenue from investment securities such as interest income is recognized as earned on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes past due, or if the Company’s qualitative assessment indicates that the Adviserdebtor is unable to service its debt or other obligations, the Company will provideplace the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. If interest payments are later received on non-accrual loans, then they are restored to accrual status when past due principal and interest are paid assuming in management’s judgment they are likely to remain current. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net unrealized gain (loss) on investments in the Statements of Operations.

Going Concern, Removal of Qualification: The Company’s board of directors with portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio companycondensed financial statements and forecasts, and valuations prepared by third-party valuation services.

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation.

Note 3. Going Concern

For the nine months ended September 30, 2020, the Company incurred a net decrease in net assets resulting from operations of $1,179,237 and have an accumulated deficit of $8,345,562. These circumstances raise substantial doubt as to the Company’s ability toprepared assuming that it will continue as a going concern. Currently,As of March 31, 2021 and as of November 18, 2021, the date that our condensed financial statements as of and for the three months March 31, 2021 were published, management reviewed its available cash and projected annual spend for normal operations of the Company. Upon managements’ review it was determined that the available cash for normal operations was in excess of 12 months of anticipated spending for that same period from the date of the filing of this Report. Management believes that its cash and marketable securities available for operations of nearly $1,628,000 and $1,405,000 as of March 31, 2021, and the limited need for operating capital, there is limited risk of it being unable to operate for 12 months from the date this form 10-Q was published. Notwithstanding current book losses management is confident of its portfolio and its future prospects.

New Accounting Pronouncements: The Company’s management reviewed all recently issued accounting standard updates (“ASU’s”) not yet adopted by the Company, has launchedand does not believe the future adoptions of any such ASU’s may be expected to cause a capital raising program led by a Broker Dealer acting asmaterial impact on the Dealer Manager and arranging a syndicate of several additional Broker Dealers who will also sell our securities. DuringCompany’s financial condition or the nine months ended September 30, 2020, the Company issued 20,000 sharesresults of its common stock and received gross proceeds of $50,000, at a price of $2.50 per share. There were 10% commission cost and therefore net proceeds in cash were $45,000. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concernoperations.

Note 4.2. Compensation of the Advisor

On August 7, 2018, the Company held its 2018 Annual Meeting of shareholders at which meeting the new Investment Advisory and Administrative Services Agreement by and between the Company and StHealth Capital Advisors was approved.

The Company will pay the Adviserpays StHealth Capital Advisors (“Advisor”) a fee for its services under the investment advisory and administrative services agreement (“New Advisory AgreementAgreement”) consisting of two components — a base management fee and an incentive fee based on the Company’s performance. The cost of both the base management fee payable to the AdviserAdvisor and any incentive fees it earns will ultimately be borne by the Shareholders.

Base Management Fee. The base management fee will be payable quarterly in arrears and will be calculated at an annual rate of 2.0% of the Company’s average monthly gross assetsinvestments during such period. The base management fee may or may not be taken in whole or in part at the discretion of the Adviser. All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Adviser shall determine.Advisor. The base management fee for any partial month or quarter will be appropriately prorated.

During the ninethree months ended September 30,March 31, 2021 and 2020, and 2019, the base management fee was accrued for the advisorAdvisor in the amounts of $59,320$7,000 and $37,000,$20,000, respectively.  During the three months ended March 31, 2021 and 2020, base management fee is included in management fee – related party on the face of statements of operations.

Incentive Fee. Under the New Advisory Agreement, the incentive fee consists of two parts. The first part, which the Company refers to as the subordinated incentive fee on interest or dividend income, will be calculated and payable quarterly in arrears based upon the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter. The subordinated incentive fee on interest or dividend income will be subject to a quarterly hurdle rate, or the rate of return that must be met before incentive fees are payable to the Adviser,Advisor, expressed as a rate of return on adjusted capital for the most recently completed calendar quarter, of 0.496% (2.0% annualized), subject to a “catch up” feature. For this purpose, “pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses reimbursed to the AdviserAdvisor under the New Advisory Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The calculation of the subordinated incentive fee on interest or dividend income for each quarter is as follows:

The second part of the incentive fee, which the Company refers to as the incentive fee on capital gains, will be determined and payable in arrears as of the end of each quarter (or upon termination of the New Advisory Agreement). This fee will equal 20.0% of the Company’s incentive fee capital gains, which will equal the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. Incentive fees not paid at the end of the calendar year in which they were earned will accrue until such time when the management chooses to pay them.

NoIncentive fee was accrued for the three months ended March 31, 2021 and 2020 amounted to $4,000 and nil, respectively. During the three months ended March 31, 2021 and 2020, incentive fee is included in management fee – related party on the face of statements of operations.

As of March 31, 2021 and December 31, 2020, the Advisor was earned forowed $179,000 and $168,000, respectively. This is recorded under Accrued expenses – related party in the nine months ended September 30, 2020 and 2019.balance sheets.

Note 5.3. Expense Reimbursement

The Company’s primary operating expenses will be the payment of advisory fees and other expenses under the New Advisory Agreement, approved at the Shareholder’s Meeting on August 7, 2018, interest expense from financing facilities and other expenses necessary for its operations. ItsThe investment advisory fee will compensate the AdviserAdvisor for its work in identifying, evaluating, negotiating, executing, monitoring and servicing the Company’s investments. The Company will bear all other expenses of its operations and transactions, including (without limitation) fees and expenses relating to:

Subject to the limitations on reimbursement of the Adviser,Advisor, the Corporation, either directly or through reimbursement to the Adviser,Advisor, shall bear all other costs and expenses of its operations and transactions, including expenses deemed to be “organization and offering expenses” of the Corporation for purposes of Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority, such expenses, exclusive of commissions, the dealer manager fee and any discounts, are hereinafter referred to as “Organization and Offering Expenses”; corporate and organizational expenses relating to offerings of shares of Common Stock, subject to limitations included in the Investment Advisor Agreement.

During the ninethree months ended September 30,March 31, 2021 and 2020, $70,000 and 2019, $68,798 and $31,925$10,000 was paid to the advisorAdvisor for expense reimbursement, respectively. $68,798 and $31,925 related partyDuring the three months ended March 31, 2021, expense reimbursements are included in professional fees on the face of statements of operations. During the three months ended March 31, 2020, expense reimbursements are included in general and administrative expenses on the face of statements of operations.

Note 6.4 - Capital Raising

There were no shares issued during the three months ended March 31, 2021.

During the ninethree months ended September 30,March 31, 2020, the Company issued 20,000 shares of its common stock and received gross proceeds of $50,000, at a price of $2.50 per share. There were 10% commission cost and therefore net cash proceeds to the Company were $45,000.

Note 7.5 - Investments 

Description of Investments

During the ninethree months ended September 30, 2020 and 2019,March 31, 2021, the Company deployed approximately $3,919,000 and $1,900,000 in proceeds from its public offering$1,477,000 in several investments in portfolio companies respectively, which are described below:

Current Status of Investments

Orchestra BioMed Inc. (“Orchestra”)

On May 10, 2018,December 31, 2020, a non-affiliated specialist revalued the Company purchased its initial investment of 220,000 shares of preferred stock series B of Orchestra at $5.00 per share price. The shares are convertible into common stock at any time on a 1-for-1 exchange, are eligible for a future 2-for -1 exchange pending 100% participation in a follow-on offering, automatically convert into common stock upon a firm commitment underwritten public offering of at least $16,000,000, can vote alongside common holders on an as-converted basis, have registration rights, no redemption right, has piggyback registration right, and do not pay a dividend. Upon any liquidation, dissolution or winding up of the Company, the holders of Series B Preferred shall be entitled to receive,at $473,000, a reduced value of $4.30 per share. The Company has determined that there is no change in preference to the shares of common stock or other junior securitiesfair value of the Company, the stated value of $5.00 per shareshares of Series B Preferred and thereafter shall participate on an as converted basis prorate with the holders of common stock in any further distributions. In March 2019, Orchestra announced 1-for-2 reverse split, as a result, 220,000 shares of the preferred stock we currently hold is convertible into 110,000 shares of common stock.

On April 3, 2019, the Company purchased 60,000 Series B-1 Preferred shares of Orchestra Biomed (OBIO) at $15.00 per share. The shares are convertible into common stock at any time on a 1-for-1 exchange, are eligible for a future 2-for-1 exchange pending 100% participation in a follow-on offering, automatically convert into common stock upon a firm-commitment underwritten public offering of at least $16,000,000, can vote alongside common holders on an as-converted basis, no redemption right, has piggyback registration rights and do not pay a dividend. Upon any liquidation, dissolution or winding-up of the Company, the holders of Series B-1 Preferred shall be entitled to receive, in preference to the shares of common stock or other junior securities of the Company, the stated value of $15.00 per share of Series B-1 Preferred, and thereafter shall participate on an as- converted basis pro-rata with the holders of Common Stock in any further distributions.31, 2021.

On April 3, 2019,December 31, 2020, based on a third-party specialist’s valuation report the Company revalued the shares of preferred stock series B it holdsSeries B-1 Preferred at an equivalencea fair value of 110,000 shares of common stock of $15.00 per as-converted basis, and recorded a $550,000 increase in value as gain on asset valuation.

The$305,000. Upon inquiry with Orchestra’s management, the Company has determined that there is no value changes since April 3, 2019 till September 30, 2020.

AzurRx BioPharma Inc.

In July 2019, the Company purchased 1,000,000 shares of common stock of AZURRX Biopharma, Inc. (NASDAQ: AZRX). During the nine months ended September 30, 2020, the Company sold all common shares for $607,161, recorded an unrealized loss of $40,000, and realized a loss of $392,839.

On January 9, 2020 the Company purchased from AZRX a convertible notechange in the amount of $500,000 which is convertible into 515,464 shares of AZRX common stock. The convertible notes mature on September 20, 2020 and accrue interest at a rate of 9% per annum. The $500,000 notional amount of convertible note come with warrants to purchase an additional 257,732 shares of AZRX common stock, equal to 50% of the shares underlying the convertible note. The warrant expiry is December 20, 2024. Each note is convertible, at the option of the holder, into shares of the Company’s common stock at a price of $0.97 per share, and the warrants have an exercise price of $1.07 per share.

The convertible note is classified available for sale according to ASC 320 Investments—Debt and Equity Securities. At the time of purchase, the fair value of the convertible note was determinedshares of Series B-1 Preferred as of March 31, 2021.

First Wave BioPharma Inc. (“First Wave”, formerly AzurRx BioPharma Inc.)

AzurRx BioPharma, Inc. changed its corporate name to be $330,714 using allocationFirst Wave BioPharma, Inc. and changed its ticker symbol to “FWBI” effective September 22, 2021.

In January 2021, an aggregate of proceeds and the beneficial conversion feature were determined to be $231,959, and prior to the exchange, the697,210 shares of First Wave with fair value of $676,000 as of December 31, 2020 were sold for an aggregate amount of $672,000. Realized loss of $4,000 is recognized in the convertible note was determinedunaudited statements of operations.

In February 2021, First Wave Warrants B and Warrants Exchange aggregating to be $500,000 including beneficial conversion of $0. The468,592 common stock warrants with fair value of $571,000 were exercised for 468,592 shares of common stock with $398,000 payment in cash. The common stock was later sold for an aggregate amount of $999,000. Realized gain of $30,000 and unrealized gain of $272,000 is recognized in the unaudited statements of operations.

In February 2021, 257,732 First Wave warrants was determined to be $169,286 using Black-Scholes method on the date of purchase. On September 30, 2020, thewith fair value of $334,000 were exercised for 257,732 shares of common stock with $469,000 payment in cash. Realized loss of $141,000 and unrealized gain of $191,000 is recognized in the note and warrants was $0 and $97,195, respectively. Duringunaudited statements of operations.

As of March 31, 2021, the ninecommon shares’ fair value amounted to $346,000. For the three months ended September 30, 2020,March 31, 2021, the Company recognized an unrealized loss on these securities was $72,091 andamounting to $124,000 from the realized gain was $169,286.

On July 16, 2020, the Company entered into a private placement offering with AZRX whereby the Company exchanged the convertible note with a principal balance of $500,000 and accrued interest of $23,178, into 67.945205 shares of Series B Convertible Preferred Stock, together with a Series B Warrants to purchase 339,726 shares of Common Stock at an exercise price of $0.85 per share with the exercise term of 5 years from issuance date. The Series B Convertible Preferred Stock had a par value $0.0001 per share, and is convertible into 679,452 shares of the Company’s common stock at per share at $0.77 per share. In connection with the Private Placement, the company also received Exchange Warrant to purchase 128,886 shares of Common Stock at an exercise price of $0.85 per share with the exercise term of 5 years from issuance date.

On the date of exchange the fairchange in market value of the 67.945205 shares of Series B Convertible Preferred Stock and Series B Warrants was determined to be $523,178 using fair market value, and the fair value on these as of September 30, 2020 was $523,178. During the nine months ended September 30, 2020, There was no realized gain or loss recorded associated with the exchanged convertible note, and no unrealized gain or loss recorded on these Series B Convertible Preferred Stock and Series B Warrants.

Also, on the date of the exchange the Exchange Warrant was valued at $70,972 using the Black-Scholes method and has been recorded as a realized gain during the quarter ended September 30, 2020, and the fair value was $55,598 as of September 30, 2020. During the nine months ended September 30, 2020, the unrealized loss on these was $15,374.

During the nine months ended September 30, 2020, the Company recorded an aggregate realized gain of $240,258 associated with the note and Exchange Warrants, and recorded a total unrealized loss from these securities in the amount of $87,465. During the nine months ended September 30, 2020, interest income was $23,178.

Naha Health LLC

In May 2020, the Company purchased from Naha Health LLC a convertible promissory note in the amount of $200,000 at a conversion price of $41.67 per Common Membership Interest. The fair value of the conversion feature was not determinable, since Naha Health LLC is a private company. The convertible note matures on the fourth anniversary and accrues interest at a rate of 6% per annum. The note is recorded at cost of $200,000 at purchase date. The Company determined that the fair value of the note did not change from purchase date to September 30, 2020. During the nine months ended September 30, 2020, interest income was $4,932 under this note.

During the nine months ended September 30, 2020, the Company entered into two amendments with Naha Health LLC, in which the Company is planning to fund an additional $200,000 by November 30, 2020.First Wave common shares.

Other Trading Securities

Investments in other trading securities at fair value consisted of the following at September 30, 2020March 31, 2021 and the unrealized gain and loss during the ninethree months ended September 30, 2020:March 31, 2021:

The Company realized a net gain of $69,922$136,000 and nil from other trading securities sold during the ninethree months ended September 30,March 31, 2021 and 2020, respectively, which was recorded in net realized gain or loss under other comprehensive income.in the unaudited statements of operations.

The table below summarizes the transactions for the three months ended March 31, 2021 and year ended December 31, 2020:

Note 8. Subsequent Events

Additions for December 31, 2020 includes $24,000 accrued interest that were converted into investment.

Conversion of AzurRx BioPharma Inc. Series B Convertible Preferred StockNote 6 - Subsequent events

Subsequent to the period ended September 30, 2020March 31, 2021, the Company electedentered into a Third Amended Convertible Promissory Note with Naha whereby the Company committed an additional $13,000 in new funds to convert 67.945205Naha, in return Naha agreed to repay the Company a total of $700,000.

Subsequent to the period ended March 31, 2021, the Company purchased 1,200 shares of AZRX Series B ConvertibleDash Therapeutics, Inc. Preferred Stockstock for $50,000 at $41.67 per share.

Subsequent to period ended March 31, 2021, the Company sold the remaining 257,732 common shares held in First Wave for $240,000 at $0.93 per share

Subsequent to period ended March 31, 2021, the Company entered into 679,452a settlement agreement with a third party for $50,000 to resolve a legal matter.

Subsequent to period ended March 31, 2021, the Company is authorized to commence a private placement with targeted offering amount of $5,000,000. As of November 15, 2021, 410,000 shares of AZRX common stock along with additional common shares related to accrued and unpaid dividends earned to and including the dateat $2.50 per share were subscribed for a total amount of conversion.$1,025,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our results of operations and financial condition for the quarters ended September 30,2020 and 2019 should be read in conjunction with our financial statements and therelated notes to thoseand other financial statements that are includedinformation appearing elsewhere in this Quarterly Report. Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to StHealth Capital Investment Corp.

Forward-Looking Statements

This discussionquarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our businesscompany, our current and operations. Ourprospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results mayto differ materially from those expressed or forecasted in the forward-looking statements, including:

Although we currently anticipatebelieve that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of many factors, includingthese and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those we describe under “Risk Factors” anddescribed or identified elsewhere in our Annual Reportthis quarterly report on Form 10-K for10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the period ended December 31, 2019, as filed withdate of this quarterly report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the SEC on March 30, 2020. See “Special Note Regarding Forward Looking Statements.”forward-looking statements.

Liquidity and Capital Resources