I agree with everything you say but I’m not sure

I agree with everything you say but I’m not sure if the termination of the term sheet would be considered a material event since it clearly states in the 10k that it is not binding by either party. I would like to think it is still in place and this funding was to progress operations specifically for that term sheet to include BTD. Can anyone validate the claim that is the term sheet was terminated it would be a material event? I hope it would need to be pronounced right away but I’m just not sure to the matter.