6Convertible Promissory Notes, Net

On March 31, 2020 and June 10, 2020, the Company completed and closed its first and second round, respectively, of its fifth offering subscription for the issuance of convertible promissory notes for convertible preferred membership interests (“Notes”) and received $1,162,500 and $1,869,133, respectively, which increased the aggregate Notes to $6,706,633 as of June 30, 2020. Notes matured and converted into

membersip interests prior to or in conjunction with the Corporate Conversion, at which time all of the Company’s outstanding membership interests converted into shares of common stock.

The Notes bore interest at 8% per annum, with a maximum term of 18 months. The Notes were unsecured obligations and did not contain any financial covenants or restrictions on the payments to members, the incurrence of indebtedness, or the issuance or repurchase of securities by the Company.

The Company recognized interest expense related to the Notes as follows:

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