|3 Months Ended|
Mar. 31, 2021
|NOTE 21 - SUBSEQUENT EVENTS||
As of May 14, 2021 the Company issued an aggregate of 3,981 shares of its common stock for consulting services and one employee valued at $11,200.
On April 9, 2021 the Company received $131,440 from Citizens Business Bank as the second tranche loan under SBA Paycheck Protection Program (“PPP Loan”). The maximum term of the PPP Loan is five -years and bears interest at a rate of 1.00% per annum. Monthly principal and interest payments are deferred for six months. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, no assurance is provided that forgiveness for any portion of the PPP Loan will be obtained.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef