NOTE 18 – SUBSEQUENT EVENTS

The Company evaluated all material events through the date the financials were ready for issuance and identified the following for additional disclosure.

Note payable

On April 20, 2021, the Company received an Economic Injury Disaster Loan from the U.S. Small Business Administration in the amount of $500,000, which was funded on April 26, 2021. The loan accrues interest at the rate of 3.75% per annum. Installment payments, including principal and interest, of $2,505 per month, will begin eighteen (18) months from the date of issuance. The balance of principal and interest will be payable thirty (30) years from the date of issuance. The loan is secured by all tangible and intangible assets of the Company and personally guaranteed by the Company’s Chief Executive Officer as an individual.

Convertible note payable

On May 11, 2021, an amendment to the convertible note payable issued May 14, 2020, in the original principal amount of $500,000, extended the maturity date to June 11, 2021. As consideration for the extension, the Company paid an extension fee of $25,000 on May 12, 2021. All other terms remain unchanged. The amendment to this note was not considered a material modification under ASC 470-50-40, and as a result, is not considered an accounting extinguishment in the period the note was modified.