7. Subsequent Events

On April 12, 2019, Patriot Scientific Corporation (the “Company”) retained Artius Bioconsulting, a California limited liability company (“Artius”), to evaluate the potential of establishing a systems integration company that develops a technology platform based on blockchain technology that could be implemented throughout the drug development process (the “Project”) pursuant to a Consulting Agreement between the Company and Artius effective as of April 12, 2019 (the “ Artius Agreement”).

Pursuant to the Artius Agreement, Artius will research, analyze and report its findings with respect to the Project in exchange for $151,000, payable in installments upon the completion of certain deliverables to the Company. The deliverables are due at various times over the course of eight weeks. The Company will own the Work Product (as defined in the Artius Agreement). The Artius Agreement has a term of four months, unless terminated earlier pursuant to its terms.

https://www.sec.gov/Archives/edgar/data/836564/000168316819001039/ptsc_10q-022819.htm