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On April 12, 2010, Patriot Scientific Corporation (the “Company”) filed a complaint in the Superior Court of the State of California for the County of San Diego against Technologies Properties Limited LLC (“TPL”), alleging breach of contract of a promissory note dated January 12, 2010 (the “Note”), for failure to pay the $1,000,000 of principal plus accrued interest due to the Company under the Note. Payment under the Note became due as of February 28, 2010. The amount, if any, that the Company will collect with respect to such matters cannot be determined at this time.
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