<SEC-DOCUMENT>0001104659-19-062556.txt : 20210804
<SEC-HEADER>0001104659-19-062556.hdr.sgml : 20210804
<ACCEPTANCE-DATETIME>20191112152054
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-19-062556
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOVING iMAGE TECHNOLOGIES INC.
		CENTRAL INDEX KEY:			0001770236
		STANDARD INDUSTRIAL CLASSIFICATION:	PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
		IRS NUMBER:				200232845
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		17760 NEWHOPE STREET
		CITY:			FOUNTAIN VALLEY
		STATE:			CA
		ZIP:			92708
		BUSINESS PHONE:		7147517998

	MAIL ADDRESS:	
		STREET 1:		17760 NEWHOPE STREET
		CITY:			FOUNTAIN VALLEY
		STATE:			CA
		ZIP:			92708
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 31pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">manatt | phelps | phillips</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 58%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Thomas Poletti</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Manatt, Phelps &amp; Phillips, LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Direct Dial: (714) 371-2501</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">E-mail: TPoletti@manatt.com</P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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-size: 10pt">November 12, 2019</TD>
    <TD STYLE="width: 57%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Via EDGAR</B></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">Division of Corporation Finance<BR>
U.S. Securities &amp; Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</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">Attention: Mr. Gregory Dundas and Ms. Celeste Murphy<BR>
Office of Life Sciences</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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Moving iMage Technologies, Inc.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Filed October 11, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">File No. 333-234159</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">Dear Mr. Dundas and Ms. Murphy:</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-align: justify">On behalf of our client, Moving iMage Technologies,
Inc. (the &ldquo;<U>Company</U>&rdquo;), we hereby file Amendment No. 2 to the Company&rsquo;s Registration Statement on Form S-1,
as originally filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Staff&rdquo;</B>) on October 11, 2019 (the
 &ldquo;<B>Amendment No. 2</B>&rdquo;). Amendment No. 2 is hereby filed to provide responses to comments (the &ldquo;<B>Comments</B>)
of the staff of the Commission (the &ldquo;<B>Staff</B>&rdquo;) issued in a letter dated November 6, 2019 (the &ldquo;<B>Staff&rsquo;s
Letter</B>&rdquo;) relating to the Company&rsquo;s Registration Statement on Form S-1 as filed with the Commission on October 11,
2019. Amendment No. 1 to the Company&rsquo;s Registration Statement on Form S-1 was filed with the Commission on October 31, 2019.
In order to facilitate your review, we have responded, on behalf of the Company, to each of the Comments set forth in the Staff&rsquo;s
Letter, on a point by point basis. The Comments are set forth below in bold font and our response follows each respective Comment.
In our response, page number references are to Amendment No. 2. Terms used but not defined herein have the respective meanings
assigned thereto in Amendment No. 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>S-1 filed October 11, 2019</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Recent Developments, page 3</U></B></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"><B>1. Please tell us the current situation with respect to
obtaining financing for the Caddy acquisition.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully notes that Caddy
agreed to self-finance the Caddy Acquisition. The Company has executed a loan agreement with an unaffiliated lender and used $400,000
of the proceeds thereunder to pay amounts due to Caddy. The section entitled &ldquo;Summary &ndash; Recent Developments &ndash;
Caddy Acquisition&rdquo; has been revised to so disclose these updates.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 32pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manatt
        | phelps | phillips</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">November 12, 2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P></TD>
    <TD STYLE="width: 58%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Dilution, page 30</U></B></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"><B>2. Please provide us your calculation of the June 30, 2019
pro forma net tangible book value of $(1.85) million.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The calculation of the June 30, 2019 pro forma net tangible
book value of $(1.85) million is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">Total Pro forma  Assets</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">6,875</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">Less IPO Costs</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">172</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">Less intangibles</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1,592</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">Less total liabilities</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">6,961</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt"><B>Net Tangible Book Value</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><B>-1,850</B></TD></TR>
<TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</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"><B><U>Income Statement Pro Forma, page 35</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. We note the title of this section refers to the &ldquo;Year
ended June 30, 2018&rdquo;, however your pro forma statement of operations are presented for the year ended June 30, 2019. Please
revise to refer to the correct period.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Income Statement Pro Forma has been
revised to refer to the correct period, the year ended June 30, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4. We note you disclose that the pro forma income statement
assumes the Caddy Acquisition and Reorganization Transaction occurred on June 30, 2019. Please revise the pro forma income statement
to be prepared assuming the transactions were consummated at the beginning of the fiscal year (i.e. July 1, 2018) and revise the
disclosure as appropriate.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma income statement has been
revised assuming the transactions were consummated at the beginning of the fiscal year (i.e. July 1, 2018).</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 32pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manatt
        | phelps | phillips</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">November 12, 2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 58%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5. We note pro forma interest expense for the year ended
June 30, 2019 was based on a rate of 8.25%. Please provide us your calculation supporting the pro forma interest expense of $114,000
for the year ended June 30, 2019.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s calculation supporting the pro forma interest
expense of $115,000 for the year ended June 30, 2019 is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">Proforma Interest</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; font-size: 10pt">Caddy Acquisition</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; font-size: 10pt">Assumes Effective July 1, 2018</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">Closing Note:</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">$300,000 X 8.25% / 365 X 88 days</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">5,967</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">Indemnity Note:</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; font-size: 10pt">$200,000 X 8.25% X 10 years</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">14,709</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>


<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 10%; white-space: nowrap"><B>Date</B></TD>
    <TD STYLE="width: 10%; white-space: nowrap"><B>Beginning<BR>
    Balance</B></TD>
    <TD STYLE="font-size: 10pt; width: 10%; white-space: nowrap"><B>Interest</B></TD>
    <TD STYLE="font-size: 10pt; width: 10%; white-space: nowrap"><B>Principal</B></TD>
    <TD STYLE="font-size: 10pt; width: 10%; white-space: nowrap"><B>Ending<BR>
</B> <FONT STYLE="color: #333333"><B>Balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 38%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jul, 2018</FONT></TD>
    <TD>$200,000.00</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,375.00</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,078.05</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$198,921.95</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Aug, 2018</FONT></TD>
    <TD>$198,921.95</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,367.59</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,085.46</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$197,836.48</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Sep, 2018</FONT></TD>
    <TD>$197,836.48</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,360.13</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,092.93</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$196,743.56</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Oct, 2018</FONT></TD>
    <TD>$196,743.56</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,352.91</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,100.44</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$195,643.12</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Nov, 2018</FONT></TD>
    <TD>$195,643.12</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,345.05</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,108.01</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$194,535.11</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Dec, 2018</FONT></TD>
    <TD>$194,535.11</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,337.43</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,115.62</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$193,419.49</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jan, 2019</FONT></TD>
    <TD>$193,419.49</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,329.76</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,123.29</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$192,296.19</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Feb, 2019</FONT></TD>
    <TD>$192,296.19</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,322.04</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,131.02</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$191,165.18</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Mar, 2019</FONT></TD>
    <TD>$191,165.18</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,314.26</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,138.79</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$190,026.38</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Apr, 2019</FONT></TD>
    <TD>$190,026.38</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,306.43</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,146.62</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$188,879.76</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">May, 2019</FONT></TD>
    <TD>$188,879.76</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,298.55</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,154.50</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$187,725.26</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jun, 2019</FONT></TD>
    <TD>$187,725.26</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,290.61</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,162.44</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$186,562.82</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>


<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">Balance Note:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">94,156</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; font-size: 10pt">$1,177,000 @ 8.25% for 10 years</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #333333"><B>Date</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #333333"><B>Interest</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #333333"><B>Principal</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #333333"><B>Balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jul, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$8,092 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,344 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,170,656 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Aug, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$8,048 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,388 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,164,268 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Sep, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$8,004 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,432 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,157,836 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Oct, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,960 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,476 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,151,360 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Nov, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,916 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,521 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,144,839 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Dec, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,871 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,565 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,138,274 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jan, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,826 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,611 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,131,663 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Feb, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,780 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,656 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,125,007 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Mar, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,734 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,702 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,118,305 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Apr, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,688 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,748 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,111,557 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">May, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,642 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,794 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,104,763 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">Jun, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$7,595 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$6,841 </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="color: #333333">$1,097,922 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<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"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B><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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 32pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manatt
        | phelps | phillips</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">November 12, 2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 58%">&nbsp;</TD></TR>
</TABLE></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-align: justify"><B>6. We note within the Caddy acquisition purchase price allocation
you recognized property and equipment and intangible assets. Please tell us how you considered depreciation of property and equipment
and amortization of intangible assets in your pro forma income statement presentation or revise to include pro forma adjustments
for those amounts.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma income statement has been revised to include pro
forma adjustments for depreciation of property and equipment and amortization of intangible assets.</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-align: justify"><B>7. We note you present 4,982,478 as the historical weighted
average common shares outstanding for MiT as of June 30, 2019. Please explain to us how the weighted average shares were calculated
and clarify if this represents the actual weighted shares outstanding or pro forma shares outstanding. Please reconcile this with
your disclosures on page F-4.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disclosures have been amended
to explain how the proforma shares were calculated and clarification has been made to indicate that the said reference
represents pro forma shares outstanding. This has been reconciled with disclosures on page F-4.</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"><B><U>Unaudited Pro Forma Condensed Combined Balance Sheet at
June 30, 2019, page 36</U></B></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-align: justify"><B>8. We note your pro forma adjustments have allocated $800,000
to intangible assets. Please revise to separately disclose each significant class of intangible asset recognized on a pro forma
basis.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Unaudited Pro Forma Condensed Combined Balance Sheet
at June 30, 2019 has been revised to separately disclose each significant class of intangible asset recognized on a pro forma
basis.</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"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 32pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manatt
        | phelps | phillips</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">November 12, 2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 58%">&nbsp;</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"><B><U>Director Nominees, page 56</U></B></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-align: justify"><B>9. Please revise the descriptions of each director&rsquo;s
or nominee&rsquo;s business experience to discuss his or her &ldquo;experience, qualifications, attributes or skills that led
to the conclusion that the person should serve as a director for the registrant&hellip;in light of the registrant&rsquo;s business
and structure.&rdquo; Refer to Item 401(e) of Regulation S-K.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The descriptions of each director&rsquo;s or
nominee&rsquo;s business experience has been revised to discuss his or her &ldquo;experience, qualifications, attributes or
skills that led to the conclusion that the person should serve as a director for the registrant&hellip;in light of the
registrant&rsquo;s business and structure.&rdquo;</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"><B><U>Moving iMage Technologies, LLC Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 1 - Business Activity and Summary of Significant
Accounting Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Product Warranty, page F-9</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10. We note your products are sold under warranty arrangements
ranging from one year to three years. Please revise to provide all of the disclosures required by ASC 460-10-50-8.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1 to the Moving iMage Technologies,
LLC Financial Statements has been revised to provide all of the disclosures required by ASC 460-10-50-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>NLM Holding Co., Inc. Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Consolidated Statements of Operations, page F-26</U></B></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"><B>11. Please revise to label the six months ended June 30,
2018 column as unaudited.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The column for the six months ended June 30, 2018 in the NLM
Holding Co., Inc. Consolidated Statements of Operations has been labeled as unaudited.</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"><B><U>General</U></B></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"><B>12. We note MiT is DCIP&rsquo;s distributor of Cinergy in the
Americas. Please note this at your graphic.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The referenced graphic has been revised
to indicated that MiT is DCIP&rsquo;s distributor of Cinergy in the Americas.</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 42%">
        <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 32pt">manatt</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manatt
        | phelps | phillips</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">November 12, 2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 58%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>13. We note references throughout the document to terms
appropriate to a Regulation A offering rather than an offering on Form S-1, such as &ldquo;qualification,&rdquo; &ldquo;offering
statement,&rdquo; and &ldquo;offering circular.&rdquo; Please revise.</B></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-align: justify"><B><U>Response</U></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registration statement has been revised to delete references
throughout the document to terms appropriate to a Regulation A offering rather than an offering on Form S-1, such as &ldquo;qualification,&rdquo;
 &ldquo;offering statement,&rdquo; and &ldquo;offering circular.&rdquo;</B></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"><B>14. Please revise to include all disclosure required by Form
S-1, including the following:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Item 102, Description of Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&bull; Item 103, Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&bull; All disclosure required under
Part II of Form S-1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement has been revised
to include those disclosures required by Items 102 and 103, as well as all disclosure required under Part II of Form S-1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should you or the Staff have additional
questions or comments regarding the foregoing, please do not hesitate to contact the undersigned at (714) 371-2501.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in">&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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>/s/ Thomas J. Poletti</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Thomas J. Poletti</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</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">Glenn H. Sherman, PhD, Chief Executive Officer</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
