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Subsequent Event
6 Months Ended
Jun. 30, 2021
Subsequent Event  
Note 11. Subsequent Events

Note 11. Subsequent Events

 

No material events have occurred after June 30, 2021 that requires recognition or disclosure in the financial statements except as follows:

 

The Company’s first PPP loan for $144,750 received as a loan borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the Small Business Administration (“SBA”), was officially forgiven by the US Small Business Administration on August 29, 2021. No further sum(s) are due.

 

Between April of 2021 and June 30, 2021, JMS Investments of Staten Island, NY, USA invested $313,000 in seven separate transactions and between July 1, 2021 and October 10, 2021 JMS invested an additional $193,000 in two separate transactions. JMS’s investment total stands at $506,000 made in nine separate transactions. The sums are repayable in the form of one-year demand notes having an interest rate of 8.5%.

 

In September of 2021 in one transaction GS Capital Partners, Brooklyn, NY placed $220,000 in the Company in the form of a one-year convertible note. The Note is convertible into Common stock of the Company at a fixed price of $.10 per share, and the receipt of a five-year warrant to purchase 1,466,666 shares of Common stock at an exercise price of $.15 per share.

 

The sums advanced by GS Capital Partners and JMS Investments together form a “bridge loan” for use by the Company to, among other actions, bring all filings current to return to fully reporting status with the SEC and OTC, and allow the Company to obtain the critical resources which allow Dais to grow as management and the bridge investors believe is possible using the company’s proven nanotechnology in sustainable product in a worldwide market. JMS Investments and the Company are working on the final investment form, the sums (and uses). It is expected that the full investment plan will be ready for announcement in the fourth quarter of 2021.

 

In July 2021 the Company issued shares and warrant shares to four companies. These four companies assisted Dais in (a.) negotiating and closing the Debt-to-Equity Program, (b.) arranging the bridge sum of $706,000 and (c.) crafting past convertible note holder transactions and advising the ‘work in progress’ investment structure for Dais. The total number of Common shares issued was 2,100,000 at a price of $.30 per share, and the total number of one year cash warrant shares issued was 700,000 having a strike price of $.05 per share. These issuances closed out the Company’s contractual commitments to these four companies.