Note 22 - Subsequent events
|3 Months Ended|
Mar. 31, 2020
|Note 22 - Subsequent events||
Note 22 Subsequent events
On April 23, 2020, Mentor received a Paycheck Protection Program loan of $76,500 from the U.S. Small Business Administration (SBA) which matures April 22, 2022. Mentor may apply to the SBA for forgiveness of the amount due on the loan in an amount equal to the sum of the following costs incurred by Mentor during the 8-week period beginning on the date of first disbursement of the loan, April 24, 2020: a) payroll costs; b) any payment of interest on a covered mortgage obligation; c) any payment on a covered rent obligation; and d) any covered utility payment. The amount of loan forgiveness shall be calculated in accordance with the requirements of the Paycheck Protection Program, including the provisions of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act. Not more than 25% of the amount forgiven can be attributable to non-payroll costs. Loan interest is one percent (1%) per annum, with monthly principal and interest payments of $4,305 beginning November 1, 2020.
On April 30, 2020, $15,383 of Mentors funds invested in Electrum Partners, LLC, used a legal retainer in its ongoing litigation, described in Note 10, was returned which decreased Mentors additional investment in the legal recovery to $81,547.
On May 5, 2020, the United States patent was issued for MCIPs interest in the patent application for THC and CBD vape pens for various THC and CBD percentage ranges and concentrations, as discussed in Note 1.
On May 6, 2020, WCI received a Paycheck Protection Program loan of $383,342 from the SBA which matures May 5, 2022. WCI may apply to the SBA forgiveness of the amount for costs incurred by WCI during the 8-week period beginning on the date of first disbursement of the loan, May 7, 2020. Loan interest is one percent (1%) per annum, with monthly principal and interest payments of $21,579 beginning December 1, 2020.
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://www.xbrl.org/2003/role/disclosureRef