Clinical study
(the “University of Michigan Clinical Study Agreement”) involving approximately 13,500 samples. The enrollment period
and sample collection is anticipated to take up to 3 years to complete. The total maximum payment due by Volition America in accordance
with the agreement is $3 million spread over 12 equal quarterly installments of $250,000. As of December 31, 2017, $500,000 of
costs have been incurred.
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