We were formed as a Maryland corporation in May 2003. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. See note 16 to our consolidated financial statements. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. The Company is in the process of negotiating forbearance agreements with its lenders. However, we cannot make any assurances that we will make distributions in the future. We depend on our advisor's key personnel with longstanding business relationships. A REIT must satisfy certain conditions to use the TRS structure. Any of these circumstances could adversely affect us. The hotel business is competitive. The continuing evolution of social media will present us with new challenges and risks. As a result, the material weakness was remediated as of December 31, 2020. If we sell a hotel, the required loan repayment may exceed the sale proceeds. The hotel industry is seasonal in nature. We will qualify as a financial end user for purposes of such margin rules. Debt investments that are not United States government insured involve risk of loss. Volatility of values of mortgaged properties may adversely affect our mortgage loans. We may make and acquire mezzanine loans. We lease all of our hotels to our TRS lessees. Complying with REIT requirements may limit our ability to hedge effectively. As a result, we may be required to liquidate otherwise attractive investments.