Pursuant to Section 3 of the Business Consulting Agreement between Graphene & Solar Technologies Limited and OFS Capital Group (OFS), the Company cancelled the Agreement effective December 14, 2019. The cancellation was approved by the company's Board of Directors and was based on the company's position that OFS failed to fully perform the duties required to be performed as set out in the Business Consulting Agreement. As a result of the cancellation of agreement, Nils Ollquist, as principal of OFS, was terminated as a director of the company with immediate effect and as the company's Chief Executive Officer effective as of December 14, 2019.