In April 2021, HCN will begin offering classes at a new campus in Akron, Ohio. Portions of the PN and ADN Programs are taught online. APUS saw no interruption in academic instruction due to this transition. No allocation of HEERF funds was made to APUS by ED. Working adults also recognize the need to be lifelong learners. 8In September 2019, Angela Selden became our Chief Executive Officer. In 2002, APUS was organized into a university system with two components: AMU and APU. HCN is institutionally accredited by ABHES, a national accreditor. Our technology environment is managed internally. HLC accredits degree-granting institutions in a 19-state region, including West Virginia. The plan was timely submitted to ABHES. Under the bill, the revised 90/10 Rule would go into effect no earlier than July 1, 2023. Historically, this concept had not been defined in detail. APUS and HCN elected to implement early the rescission of the GE Regulations. The final rule, released on August 24, 2020, is effective July 1, 2021. 42ITEM 1A. RISK FACTORSInvesting in our common stock involves a high degree of risk. Each institution has until April 15, 2021 to accept its allocation. These requirements can also increase our cost of operations. Institutional accreditation is an important attribute of our institutions. APUS implemented early these regulations effective November 1, 2019. HCN publishes an annual security report as required by the Clery Act. Other state attorneys general may also initiate inquiries into us or our institutions. In July 2018, HCN began offering an extended payment plan option. In addition, the loss of one or more of our key personnel could harm our business. We rely on key personnel to lead with integrity. Any such attempt, if successful, could adversely affect our institutions' business. In the future, not all claims may be as easily resolved.