<SEC-DOCUMENT>0001174947-22-000010.txt : 20220103
<SEC-HEADER>0001174947-22-000010.hdr.sgml : 20220103
<ACCEPTANCE-DATETIME>20220103164017
ACCESSION NUMBER:		0001174947-22-000010
CONFORMED SUBMISSION TYPE:	NT 10-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211002
FILED AS OF DATE:		20220103
DATE AS OF CHANGE:		20220103
EFFECTIVENESS DATE:		20220103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLANIGANS ENTERPRISES INC
		CENTRAL INDEX KEY:			0000012040
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				590877638
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1002

	FILING VALUES:
		FORM TYPE:		NT 10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06836
		FILM NUMBER:		22502655

	BUSINESS ADDRESS:	
		STREET 1:		5059 N.E. 18TH AVENUE
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33334
		BUSINESS PHONE:		954-377-1961

	MAIL ADDRESS:	
		STREET 1:		5059 N.E. 18TH AVENUE
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33334

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIG DADDYS LOUNGES INC
		DATE OF NAME CHANGE:	19780309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CASTLEWOOD INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19760222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MOSAM CORP
		DATE OF NAME CHANGE:	19690415
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-K
<SEQUENCE>1
<FILENAME>nt10k-27150_flan.htm
<DESCRIPTION>NT 10-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>SEC FILE NO. 1-6836</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>CUSIP NO. 338517 10 5</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 12b-25</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTIFICATION OF LATE FILING</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#9746; Form 10-K &#9744; Form 20-F &#9744; Form 11-K &#9744; Form 10-Q &#9744; Form
10-D &#9744; Form N-SAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For Period Ended: October 2, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Transition Report on Form 10-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Transition Report on Form 20-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Transition Report on Form 11-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Transition Report on Form 10-Q</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Transition Report on Form N-SAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the Transition Period Ended: _______________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Read Instruction (on back page) Before Preparing
Form. Please Print or Type.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nothing in this form shall be construed to imply that
the Commission has verified any information contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the notification relates to a portion of the filing
checked above, identify the item(s) to which the notification relates:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PART I. REGISTRANT INFORMATION</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 10pt">Full Name of Registrant:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 57%"><FONT STYLE="font-size: 10pt"><B>Flanigan&rsquo;s Enterprises, Inc</B>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Former Name if Applicable:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address of Principal Executive Office</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(Street and Number):&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>5059 N.E. 18th Avenue, Fort Lauderdale, FL 33334</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PART II. RULES 12b-25(b) AND (c)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#9746;</P></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;The
    reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 3pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;The
    subject annual report, semi-annual report, transition report on Forms 10-K, 20-F, 11-K, Form N-SAR, or Form N-CSR or portion thereof,
    will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report or transition report
    on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: -0.25in">(c)&nbsp;&nbsp;&nbsp;The
    accountant&rsquo;s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PART III. NARRATIVE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State below in reasonable detail the reasons why Forms
10-K, 11-K, 10-Q, 10-D, N-SAR, N-CSR or the transition report portion thereof, could not be filed within the prescribed time period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Flanigans&rsquo;s Enterprises, Inc., (the &ldquo;Company&rdquo;),
is not filing by the prescribed due date its Form 10-K for the fiscal year ended October 2, 2021 (the &ldquo;10-K&rdquo;). The Company
intends to file the 10-K on or before the fifteenth calendar day extension provided by Rule 12-25. The delay in filing has been caused
by the need for additional time to complete the presentation of its financial statements and the analysis thereof to be included in the
10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Forward-Looking Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This filing contains
a number of forward-looking statements. Words such as &ldquo;intend&rdquo; and &ldquo;anticipate&rdquo; as well as variations of these
words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding our beliefs and expectations relating to the filing of the 10-K and the results
of the ongoing analysis of our financial statements. These forward-looking statements are not guarantees of future results and are subject
to a number of risks and uncertainties, many of which are difficult to predict and beyond our control. Important factors that may cause
actual results to differ materially from those in the forward-looking statements include, but are not limited to, a material delay in
the Company&rsquo;s financial reporting, including the possibility that the Company will not be able to file its 10-K within the
fifteen-day extension permitted by the rules of the U.S. Securities and Exchange Commission. We disclaim and do not undertake any obligation
to update or revise any forward-looking statement in this report, except as required by applicable law or regulation</FONT>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PART IV. OTHER INFORMATION</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Name and telephone number of person to contact in regard to this notification:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 22%"><FONT STYLE="font-size: 10pt"><B><U>Jeffrey D. Kastner</U></B></FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt"><B>(<U>954) </U></B></FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt"><B><U>377-1961</U></B></FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Name)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(Area Code) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(Telephone number)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such shorter) period that the registrant was required to file such reports)
been filed? If answer is no, identify report(s):  &#9746; Yes &#9744; No</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year
                                                                 will be reflected by the earnings statements to be included in the subject report or portion thereof: &#9746; Yes &#9744; No</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If so, attach an explanation of the anticipated change,
both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>Flanigan&rsquo;s Enterprises, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in Charter)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: January 3, 2022</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><U>/s/ Jeffrey D. Kastner</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Jeffrey D. Kastner, Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">INSTRUCTION: The form may be signed by an executive
officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed
or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an
executive officer), evidence of the representative&rsquo;s authority to sign on behalf of the registrant shall be filed with the form.</P>

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

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Registrant: </FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt"><B>FLANIGAN&rsquo;S ENTERPRISES, INC.</B></FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt"><B>SEC FILE NO. 1-6836</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Form 12b-25 - Notification of Late Filing</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Part IV (3) - Explanation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: white">It is anticipated that the
Company will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report
an increase in revenue generated from restaurant food and bar sales for its fiscal year ended 2021 as compared to its fiscal year ended
2020.&nbsp; Revenue generated from restaurant food and bar sales for fiscal year ended 2021 increased when compared to restaurant food
and bar sales for fiscal year ended 2020 due to the adverse effects of the coronavirus pandemic and related shelter in place orders and
other governmental mandates relating thereto for fiscal year ended 2020 which, among other things, required the Company to limit and for
certain periods of time, cease food and bar service at its restaurants (&rdquo;COVID -19&rdquo;) ; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report
an increase of (a) approximately $14.58 million in net income for fiscal year ended 2021 to $16.76 million from approximately $2.18 million
for fiscal year ended 2020 due to the forgiveness of our Paycheck Protection Program Loans (&ldquo;PPP Loans&rdquo;) for fiscal year ended
2021 and recently enacted federal law which provides that tax deductions are allowed for otherwise deductible expenses paid with the proceeds
of the PPP Loans that are forgiven and the adverse effects of COVID-19 on the Company&rsquo;s operations for fiscal year ended 2020; and
(b) approximately $10.67 million in net income attributable to stockholders for fiscal year ended 2021 to approximately $11.78 million
from approximately $1.11 million for fiscal year ended 2020 due to the forgiveness of our PPP Loans for fiscal year ended 2021 and recently
enacted federal law which provides that tax deductions are allowed for otherwise deductible expenses paid with the proceeds of the PPP
Loans that are forgiven and the adverse effects of COVID-19 on the Company&rsquo;s operations for fiscal year 2020.</P>

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

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

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

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