Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2021
SUBSEQUENT EVENTS  
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.