XML 33 R20.htm IDEA: XBRL DOCUMENT

Notes Payable	9 Months Ended
Sep. 30, 2020
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 14 – NOTES PAYABLE On April 24, 2020, the Company’s subsidiary DATALogiq, (Logiq Inc formerly known as Origin8, Inc.) (“DATALogiq” received loan proceeds in the amount of $503,700 (the “PPP Loan”) under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief and Economic Security Act and applicable regulations (the “CARES Act”). Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, DATALogiq is eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”) incurred during the 24 weeks subsequent to funding, and on the maintenance of employee and compensation levels, as defined, following the funding of the PPP Loan. DATALogiq intends to use the proceeds of its PPP Loan for Qualifying Expenses. However, no assurance is provided that DATALogiq will be able to obtain forgiveness of the PPP Loan in whole or in part. Any amounts that are not forgiven incur interest at 1.0% per annum and monthly repayments of principal and interest are deferred until the Small Business Administration makes a determination on forgiveness. While DATALogiq’s PPP Loan currently has a two-year maturity, the amended law will permit DATALogiq to request a five-year maturity.

Notes Payable

9 Months Ended

Sep. 30, 2020

NOTE 14 – NOTES PAYABLE

On April 24, 2020, the Company’s subsidiary DATALogiq, (Logiq Inc formerly known as Origin8, Inc.) (“DATALogiq” received loan proceeds in the amount of $503,700 (the “PPP Loan”) under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief and Economic Security Act and applicable regulations (the “CARES Act”).

Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, DATALogiq is eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”) incurred during the 24 weeks subsequent to funding, and on the maintenance of employee and compensation levels, as defined, following the funding of the PPP Loan. DATALogiq intends to use the proceeds of its PPP Loan for Qualifying Expenses. However, no assurance is provided that DATALogiq will be able to obtain forgiveness of the PPP Loan in whole or in part. Any amounts that are not forgiven incur interest at 1.0% per annum and monthly repayments of principal and interest are deferred until the Small Business Administration makes a determination on forgiveness. While DATALogiq’s PPP Loan currently has a two-year maturity, the amended law will permit DATALogiq to request a five-year maturity.