<SEC-DOCUMENT>0001554795-21-000107.txt : 20210527
<SEC-HEADER>0001554795-21-000107.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210330171006
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001554795-21-000107
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				860490034
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
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<P STYLE="margin: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">March 30, 2021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>BY EDGAR </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Division of Corporate Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Attention: Kathleen Krebs</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 50%; margin-left: 90">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%"><B>Re:</B></TD>
    <TD STYLE="width: 85%"><B>Red Cat Holdings, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>Registration Statement on Form S-1</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>Filed February 25, 2021</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B><U>File No. 333-253491</U></B></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Ms. Krebs:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of Red Cat Holdings,
Inc., a Nevada corporation (the &ldquo;Company&rdquo;), we are herewith filing with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
Amendment No. 1 to the Company&rsquo;s Registration Statement on Form S-1 (the &quot;Amendment&rdquo;) in response to the oral comment
received from the Commission on March 10, 2021, with reference to the Company&rsquo;s Registration Statement on Form S-1 (File No. 333-253491)
(the &ldquo;Registration Statement&rdquo;), filed with the Commission on February 25, 2021. The Registration Statement has also been updated
by Amendment to include unaudited consolidated financial statements for the Company&rsquo;s nine-month period ended January 31, 2021 and
related information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the Amendment,
the Company responds to the Commission's oral comment as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><U>Oral Comment</U>:</B> We
note the Company&rsquo;s reported acquisition of Rotor Riot, LLC (&ldquo;Rotor Riot&rdquo;), effective as of January 23, 2020. Please
advise us whether, if required, at least nine months of Rotor Riot&rsquo;s operating results are included in the Company&rsquo;s audited
consolidated financial statements included in the Registration Statement for the year ended April 30, 2020. We further note the Company&rsquo;s
reported pending acquisition of Sypersonic, Inc. (&ldquo;Skypersonic&rdquo;). Please advise us whether separate financial statements for
Skypersonic are required in the Registration Statement. Refer to Rules 8-04 and 8-05 of Regulation S-X under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), and Section 2000 of the Commission&rsquo;s Financial Reporting Manual.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><U>Response</U>:</B> The main
requirements regarding the inclusion of the financial statements of an acquired business in filings of a &ldquo;smaller reporting company&rdquo;
are set forth in Rule 8-04 of Regulation S-X. In addition to financial statements, pro forma financial information complying with Rule
8-05 of Regulation S-X must be included when a material acquisition would trigger the need for acquired business financial statements
under Rule 8-04. In order to determine what financial information is required, a company needs to apply three significance tests set forth
under Rule 8-04. These tests include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><P STYLE="font: 8pt Century Gothic,sans-serif; margin: 0; text-align: right; color: #333333">500 Fifth Ave, Suite# 938, New York, NY 10110</P><P STYLE="font: 8pt Century Gothic,sans-serif; margin: 0; text-align: right; color: #333333">9665 Wilshire Boulevard, Suite 895, Beverly Hills, CA 90212</P><P STYLE="font: 8pt Century Gothic,sans-serif; margin: 0; text-align: right; color: #333333">NYC Office: 646.861.7891</P><P STYLE="font: 8pt Century Gothic,sans-serif; margin: 0; text-align: right; color: #333333">CA Office: 818.930.5686</P><P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: right; color: #B50C00"><B>www.cronelawgroup.com</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The asset test, which compares
the acquirer&rsquo;s share of the acquired business&rsquo;s total assets to the acquirer&rsquo;s consolidated total assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The investment test, which compares
the purchase price of the acquired business to the acquirer&rsquo;s consolidated total assets; and </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The income test, which compares
the acquirer&rsquo;s equity in the acquired business&rsquo;s income from continuing operations before income taxes, extraordinary items,
and cumulative effect of a change in accounting principles to the income of the acquirer.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For each test, generally, the acquirer&rsquo;s and
the target&rsquo;s most recent annual audited financial statements are used. Several threshold significance levels trigger various financial
statement filing requirements for a &ldquo;smaller reporting company,&rdquo; as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>Below 20% significance level</U>:
If the acquired business does not exceed 20% of any of the three significance criteria, there is no requirement to include audited or
interim financial statements; </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>20% significance level</U>:
If the acquired business exceeds 20% of any of the three significance criteria, audited financial statements for the most recent fiscal
year of the acquired business must be included and for the latest required unaudited interim period that precedes the acquisition and
the corresponding unaudited interim period of the preceding year; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>40% significance level</U>:
If the acquired business exceeds 40% of any of the three criteria, audited financial statements for the two most recent fiscal years of
the acquired business must be included and for the latest required unaudited interim period that precedes the acquisition and the corresponding
unaudited interim period of the preceding year.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, a significance level of 50% or more triggers
additional requirements for inclusion of the financial statements of a significant business for completed or probable acquisitions in
a registrant&rsquo;s registration statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Rotor Riot Acquisition</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s consummation of the Rotor Riot
acquisition was effective as of January 23, 2020. Following the acquisition, as required under Item 9.01 of Form 8-K, on April 9, 2020,
the Company filed with the Commission: (a) audited financial statements for Rotor Riot for the years ended December 31, 2019 and 2018,
and (b) pro forma unaudited combined statements of operations for the combined companies the fiscal year ended April 30, 2019 and for
the nine months ended January 31, 2020. Subsequently, on August 13, 2020, the Company filed its Annual Report on Form 10-K for the fiscal
year ended April 30, 2020, which included audited consolidated financial statements for the Company and its subsidiaries for the years
ended April 30, 2020 and 2019. The Registration Statement includes those audited consolidated financial statements of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Rule 8-04 of Regulation S-X, and related guidance,
if the acquisition of Rotor Riot was at the 50% significance level under any of the three significance tests, at least nine months of
Rotor Riot&rsquo;s operating results must be included in the Company&rsquo;s audited consolidated financial statements included in the
Registration Statement. If not, Rotor Riot&rsquo;s financials, and applicable proforma information, would need to be separately provided.
The Company has determined that (a) Rotor Riot was at the 50% significance level under the revenue component of the income test, and (b)
nine months of Rotor Riot&rsquo;s operating results are not included in the Company&rsquo;s audited consolidated financial statements
included in the Registration Statement. Therefore, the Company has included in the Amendment: (a) audited financial statements for Rotor
Riot for the years ended December 31, 2019 and 2020, and (b) pro forma unaudited combined statements of operations for the combined companies
the fiscal year ended April 30, 2020, and for the nine months ended January 31, 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Skypersonic Acquisition</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 11, 2021, the Company and Skypersonic
entered into an agreement pursuant to which, subject to the satisfaction of certain closing conditions, the Company will acquire Skypersonic.
The entry into this agreement was reported by the Company in a Form 8-K dated February 11, 2021, filed with the Commission on February
17, 2021. Although the Skypersonic acquisition has not yet closed, under Rule 8-04 of Regulation S-X, and related guidance, if the acquisition
is &ldquo;probable,&rdquo; separate financial statements for Skypersonic, and applicable pro forma financial information, may be required
in the Registration Statement under certain circumstances. Here, again, the Company needs to perform the three significance tests to determine
the acquisition&rsquo;s significance level. If the acquisition of Skypersonic will be at the 50% significance level under any of the three
significance tests, separate financial statements and pro forma financial information for Skypersonic must be separately provided.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has performed the three significance tests
and determined that the acquisition of Skypersonic will not reach the 50% significance level under any of the three significance tests.
Therefore, separate financial statements and pro forma financial information for Skypersonic are not required to be included in the Registration
Statement. Skypersonic does not currently have audited financial statements. Therefore, for the purposes of conducting the significance
tests, the Company compared information in its audited consolidated financial statements for the year ended April 30, 2020, to information
in Skypersonic&rsquo;s unaudited financial statements for its fiscal year ended December 31, 2020. The results of the three tests were
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Asset Test</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the total asset test, the acquirer&rsquo;s share
of the acquired business&rsquo;s total assets are compared to the acquirer&rsquo;s consolidated total assets. As of April 30, 2020, the
Company&rsquo;s total assets were $2,808,264. As of December 31, 2020, Skypersonic&rsquo;s total assets were $888,864. Therefore, the
Company&rsquo;s consolidated total assets, taking into account the acquisition of Skypersonic, are $3,697,128. Skypersonic&rsquo;s total
assets as of the measurement date only represent 24% of the Company&rsquo;s consolidated total assets. As a result, under the total asset
test, the Company&rsquo;s acquisition of Skypersonic does not reach the significance level required to trigger the requirement to include
separate financial statements and pro forma financial information for Skypersonic in the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Investment Test</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the investment test, the purchase price of the
acquired business is compared to the acquirer&rsquo;s consolidated worldwide market value. It is anticipated that, upon consummation of
the acquisition, the Company&rsquo;s investment in Skypersonic will be $3,500,000. The Company&rsquo;s total market value, as calculated
as required by the test, was $77,949,200. Therefore, the Company&rsquo;s investment in Skypersonic only represents 4% of the Company&rsquo;s
total market value as of the required measurement dates. As a result, under the investment test, the Company&rsquo;s acquisition of Skypersonic
also does not reach the significance level required to trigger the requirement to include separate financial statements and pro forma
financial information for Skypersonic in the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I><U>Income Test</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the income test, the acquirer&rsquo;s equity
in the acquired business&rsquo;s income from continuing operations before income taxes, extraordinary items, and cumulative effect of
a change in accounting principles is compared to the income of the acquirer. Under the net income component of the test, as of the measurement
dates, the Company&rsquo;s net loss was $(1,601,931), Skypersonic&rsquo;s net loss was $(449,739), and the consolidated net loss for the
combined company was $(2,051,670). Therefore, Skypersonc&rsquo;s net loss only represented 22% of the companies&rsquo; combined net loss.
Under the revenue component of the test, as of the measurement dates, the Company&rsquo;s revenue was $403,940, Skypersonic&rsquo;s revenue
was $395,965, and the consolidated revenue for the combined company was $799,905. Therefore, Skypersonc&rsquo;s revenue represented less
than 50% of the companies&rsquo; combined revenue. As a result, under the pre-tax income test, the Company&rsquo;s acquisition of Skypersonic
also does not reach the significance level required to trigger the requirement to include separate financial statements and pro forma
financial information for Skypersonic in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company and its management
are aware of their responsibility for the accuracy and adequacy of their disclosures in all filings with the Commission, notwithstanding
any review, comments, action or absence of action by the staff.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully submits
the foregoing response to the Commission&rsquo;s oral comment together with the Amendment. We hope the filing addresses the oral comment
of the Commission. If we can provide any further information or assistance, please do not hesitate to contact Eric C. Mendelson, counsel
to the Company, by telephone, at: (917) 538-1775, or by e-mail, at: emendelson@cronelawgroup, or Joseph Hernon, the Company&rsquo;s Chief
Financial Officer, by telephone, at: 603-686-4963, or by e-mail, at: joseph@redcat.red.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Sincerely,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"><U>/s/ The Crone Law Group, P.C.&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">The Crone Law Group, P.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="letter-spacing: -0.15pt">cc: Joseph Hernon</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
