<SEC-DOCUMENT>0001104659-20-005192.txt : 20200827
<SEC-HEADER>0001104659-20-005192.hdr.sgml : 20200827
<ACCEPTANCE-DATETIME>20200117172055
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-005192
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fathom Holdings Inc.
		CENTRAL INDEX KEY:			0001753162
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				821518164
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		211 NEW EDITION COURT
		STREET 2:		SUITE 211
		CITY:			CARY
		STATE:			NC
		ZIP:			27511
		BUSINESS PHONE:		(919) 434-3975

	MAIL ADDRESS:	
		STREET 1:		211 NEW EDITION COURT
		STREET 2:		SUITE 211
		CITY:			CARY
		STATE:			NC
		ZIP:			27511
</SEC-HEADER>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #244061">Wyrick Robbins Yates &amp;
        Ponton LLP</P>
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        300, Raleigh, NC 27607</P>
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NC 27619&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: gray"><B>P</B>: 919.781.4000 <B>F</B>:
        919.781.4865 www.wyrick.com</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 17, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><U>VIA EDGAR</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Real Estate &amp; Construction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-3561</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B><I>Re:</I></B></TD><TD STYLE="text-align: justify"><B>Fathom Holdings Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>Draft Registration Statement
on Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>Submitted November 12, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>CIK No. 0001753162</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are writing in response to the comments
of the Staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
that were contained in your letter dated December 6, 2019, regarding the above-referenced confidential DRS filing of our client
Fathom Holdings Inc., Cary, North Carolina (the &ldquo;Company&rdquo; or &ldquo;Fathom&rdquo;) pursuant to Section 6(e) of the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Concurrently with the submission of this comment response
letter, the Company is publicly filing its registration statement on Form S-1. This letter sets forth each comment contained in
your letter dated December 6, 2019 and, following the comment, the Company&rsquo;s response. The Staff&rsquo;s comment is repeated
in italics, and the Company&rsquo;s response follows in ordinary type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Draft Registration Statement on Form S-1 Submitted November
12, 2019</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>1.&nbsp;Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that
you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section 5(d) of the Securities
Act, whether or not they retain copies of the communications.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company respectfully advises the Staff
that, to date, no written communications, as defined in Rule 405 under the Securities Act, have been presented by the Company,
or anyone authorized to act on the Company&rsquo;s behalf, to potential investors. To the extent the Company presents any such
written communications to potential investors hereafter, the Company will supplementally provide the Staff with copies of any such
written communications.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 17, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page </FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of 5</FONT></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>2.&nbsp;We note that you intend to apply to have your common stock quoted on the OTC Markets. Please identify which OTC Market you are
applying for quotation on.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s
comment, and informs the Staff, as I conveyed in a voicemail to Jonathan Burr of the Staff, that the Company has, after meeting
with investment firms, decided not to pursue its prior plan to be quoted on the OTC Markets and instead has decided to pursue an
underwritten initial public offering (&ldquo;IPO&rdquo;) and list its shares on either Nasdaq or the NYSE MKT. The Company has
revised the registration statement to reflect a fully underwritten public offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>3.&nbsp;We note on page 64 that you have engaged financial advisors regarding this offering. Please identify the financial advisors and
revise the plan of distribution to disclose your relationship with each advisor.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See our response to comment 2. The Company
has revised the registration statement to reflect a fully underwritten public offering and to disclose that it has engaged Roth
Capital Partners, LLC as its underwriter. The Company has revised the registration statement to include an Underwriting section
beginning on page 75.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>4.&nbsp;We note the reference in Exhibit 10.4 to an initial coin offering by your affiliate IntelliAgent, LLC. Please advise us of your
plans with respect to such offering, including the timing and exemption you anticipate using.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company respectfully advises the Staff
that IntelliAgent, LLC, currently has no plans to pursue an initial coin offering. Furthermore, if IntelliAgent were to ever pursue
an initial coin offering, the Company and IntelliAgent would comply with all applicable securities laws and Commission rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>5.&nbsp;We note the statement on the cover page and page 71 that no public market currently exists for your common stock. You also state
that no market may develop and purchasers &ldquo;may be receiving an illiquid security.&rdquo; It is unclear how this secondary
at-the-market offering includes an offering price as required by Item 501(b)(3) of Regulation S-K given that your shares are not
listed or quoted on an established public trading market. Please revise to provide a fixed price for your offering. If you seek
to have your shares quoted on the OTC QB or OTC QX, the offering may convert from the fixed price to prevailing market prices or
privately negotiated prices only after your shares become quoted on either the OTC QB or OTC QX.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See our response to comment 2. The Company,
as requested, has revised the prospectus cover page to provide a fixed price for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 17, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page </FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of 5</FONT></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>6.&nbsp;In this regard, we note disclosure on the cover page, pages 23-24 and the Plan of Distribution suggesting that you seek to conduct
a direct listing. For example, we note references to &ldquo;direct registration,&rdquo; &ldquo;the designated market maker,&rdquo;
 &ldquo;initial listing price,&rdquo; and &ldquo;buy orders &hellip; matched with sell orders at a single price.&rdquo; As the OTC
Markets do not involve designated market makers or issuers listing their own stock or directly applying to have it quoted, please
revise to eliminate discussion of terms that do not apply to your target market. Instead please revise to address the process by
which a dealer may begin quotations consistent with Exchange Act Rule 15c2-11.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See our response to comment 2. The Company,
as requested, has revised the cover page and the remainder of the registration statement to reflect an IPO and replace the Plan
of Distribution section with an Underwriting section beginning on page 75.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis, page 30</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>7.&nbsp;We note the reference on page 31 to an equity incentive program and &ldquo;Agent Equity Ownership&rdquo; program where all of your
agents can receive common stock grants. Please clarify whether such issuances are pursuant to this registration statement or otherwise.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company respectfully advises the Staff
that the equity incentive program and the &ldquo;Agent Equity Ownership&rdquo; program are not pursuant to this registration statement.
Such grants are made pursuant to approved equity plans, to date exempt from registration under the Securities Act by virtue of
compliance with Rule 701 promulgated thereunder, and going forward the Company intends to register the shares subject to such plans,
on a Form S-8, when and if it becomes eligible to use that form. The Company has modified its disclosure on page 71 of the registration
statement to clarify this point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>8.&nbsp;We note the going concern disclosure on page 37 and your history of negative cash flows. Please revise Liquidity and Capital Resources
on page 35 to quantify your available cash and indicate the course of action you have taken or propose to take to remedy the material
deficiency.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s
comment and has revised its disclosure on Liquidity and Capital Resources on page 36 to quantify the Company&rsquo;s available
cash and to indicate the course of action the Company has taken and proposes to take to remedy the material deficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selling Shareholders, page 64</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>9.&nbsp;We note the row in the table for &ldquo;766 other selling shareholders.&rdquo; Please revise to name individual shareholders. See
Item 507 of Regulation S-K.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the shift to an underwritten IPO the
Company and it underwriters have determined that there will only be one potential selling stockholder, Glenn Sampson, who is listed
in the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 17, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page </FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of 5</FONT></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Description of Capital Stock, page 65</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>10.&nbsp;Please revise this section to address your options and warrants.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, as requested, has modified
its Description of Capital Stock on page 68 to address the Company&rsquo;s options. The Company does not have any outstanding warrants
prior to the consummation of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2. Summary of Significant Accounting Policies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Revenue Recognition, page F-9</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>11.&nbsp;Your disclosure indicates the transaction price is based on your portion of the agreed upon commission rate. Please expand your
disclosure under this heading and under Critical Accounting Policies on page 37 to clarify the reference to your portion of the
agreed upon commission rate; specifically, please clarify what is included in the transaction price when you act as a seller&rsquo;s
agent and a portion of your commissions are paid to a buyer&rsquo;s agent.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.5pt 0pt 0; text-indent: 0.5in">The Company acknowledges the
Staff&rsquo;s comment and has revised its disclosure under Note 2, Summary of Significant Accounting Policies, Revenue Recognition
on page F-10 and under Critical Accounting Policies, Revenue Recognition on page 39 to clarify the reference to the Company&rsquo;s
portion of the agreed upon commission rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 15. Recent Sales of Unregistered Securities, page II-2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>12.&nbsp;We note the statement on page 1 that benefits to your agents include &ldquo;equity in [y]our Company.&rdquo; Please revise where
appropriate or advise us why you do not address equity issuances to agents on page II-2. Please also revise or advise why you do
not address the Exchange Transactions discussed on page 30.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.5pt 0pt 0; text-indent: 0.5in">The Company acknowledges the
Staff&rsquo;s comments and has revised its Recent Sales of Unregistered Securities disclosure on page II-2 regarding equity in
our Company and the Exchange Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.5pt 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the above response, the Company acknowledges
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">it is responsible for the adequacy and accuracy of the disclosure
in its filings;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff comments or changes to disclosure in response to Staff comments
do not foreclose the Commission from taking any action with respect to any filing; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">we may not assert Staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 17, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page </FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of 5</FONT></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We appreciate your responsiveness to date
and assistance in helping the Company to enhance the quality of the disclosure contained in its registration statement. As I stated
to Mr. Burr in a voicemail, we hope to work through any additional Staff comments quickly enough to be able to have the registration
statement ready to be declared effective as early as the second week of February.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">If you have any questions or comments regarding
the foregoing or need any additional information, please contact the undersigned at (919) 865-2805. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald R. Reynolds</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Marco Fregenal</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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