NOTE 10: PAYCHECK PROTECTION PROGRAM/SBA LOAN

On May 6, 2020, the Company obtained a $13,080 loan from TD Bank pursuant to the Paycheck Protection Program (“PPP”) under the “CARES Act”. The Company applied for and received forgiveness from the SBA on May 24, 2021, in the amount of $13,080. The Company recorded the gain on forgiveness of this loan as a component of other income.

In March 2021, the Company obtained an additional Paycheck Protection Program loan in the amount of $15,077 from the SBA since we satisfied the requirements established by the SBA to obtain an additional loan. The Company applied for and received forgiveness from the SBA in December 2021 in the amount of $15,077. The Company recorded the gain on forgiveness of this loan as a component of other income.