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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 9 — Subsequent Events

 

On April 23, 2020, the Company entered into a note extension (the "Extension") with Chicago Venture Partners, L.P. ("CVP"), pursuant to which the maturity date of that certain Convertible Promissory Note, issued by the Company to CVP on December 31, 2018 (the "Note"), was extended to June 30, 2020.

 

On April 27, 2020, the Company paid off its GCF loan balance. See Note 6 (B) Future Receivables Agreement.

 

On May 7, 2020, Sysorex, Inc. (the "Company and its wholly owned subsidiary, Sysorex Government Services, Inc. formerly known as Inpixon Federal" ) was granted a loan (the "Loan") from Wells Fargo, N.A. in the principal amount of $349,693, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was enacted on March 27, 2020.

 

The Loan, which was in the form of a Note dated May 3, 2020 issued by the Company (the "Note"), matures on May 3, 2022 and bears interest at a rate of 1.0% per annum, payable monthly commencing on November 1, 2020. The Note may be prepaid by the Company at any time prior to maturity without payment of any premium. Funds from the Loan may only be used to retain workers and maintain payroll or make mortgage payments, lease payments and utility payments. The Company intends to use the entire Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act.