Quarterly report pursuant to Section 13 or 15(d)

FEDERAL RELIEF LOAN

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FEDERAL RELIEF LOAN
6 Months Ended
Jun. 30, 2020
Federal Relief Loan [Abstract]  
FEDERAL RELIEF LOAN
7 FEDERAL RELIEF LOAN

 

Payroll Protection Program loan

 

On May 7, 2020, the Company received a payroll Protection Program loan through its bankers, Wells Fargo Bank amounting to $60,292 earning interest at 1% per annum, maturing on May 5, 2022 and repayable in instalments of $2,538 commencing on November 5, 2020. The Company may apply for the loan to be forgiven in whole or in part based on the loan being utilized for payroll costs, continuation of healthcare benefits, mortgage interest payments, rent, utility and interest payments on any other debt obligation. The Company anticipates that the loan will be forgivable.