XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

NOTE 9 – SUBSEQUENT EVENTS

 

Below are events that have occurred since March 31, 2021:

 

SBA Payroll Protection Program

 

In April, 2021, the Company made application to the SBA to forgive the PPP loan made to the Company in the amount of $186,300 and is awaiting a determination.

 

Small Business Administration (“SBA”) Emergency Injury Disaster Loan (“EIDL”) Expansion

 

As a result of an SBA announcement that EIDL loan maximums had been extended, in April 2021, the Company requested an increase in the loan amount originally received in June, 2020, of $150,000, to a total of $500,000, or additional loan proceeds of $350,000. To date, the Company has not received a loan increase decision from the SBA.

 

Emergency Broadband Benefit Program (“EBB”)

 

On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “Act”), became law and established an Emergency Broadband Connectivity Fund of $3.2 billion in the United States Treasury to help low-income Americans afford Internet service during the COVID-19 pandemic. The Act directed the FCC to use the fund to establish an EBB under which eligible low-income households may receive a discount off the cost of broadband service and certain connected devices, and participating providers will receive a reimbursement for such discounts. On April 6, 2021, IM Telecom, d/b/a Infiniti Mobile, made application to participate in the EBB program. We anticipate that for the length of this program, reimbursement revenues of IM Telecom will increase by approximately 70% over current month over month revenues. The FCC has announced that the EBB will launch on May 12, 2021.

 

Incentive Stock Option Grants

 

The Company granted two (2) quarterly director 25,000 share Incentive Stock Options, one to Jeffrey Pearl on April 28, 2021, at an exercise price of $0.597, fully vested; and one to Robert Beaty on May 12, 2021, at an exercise price of $0.66, fully vested. The exercise prices were based upon 110% of the fair market value or closing public trading price of the Company’s common stock on these respective dates.

 

The Company also granted an aggregate of 135,000 Incentive Stock Options to three (3) employees on May 17, 2021, at an exercise price of $0.73 per shares, which was the fair market value or closing public trading price of the Company’s common stock on May 17, 2021. These grants respectively vest one-third for each year of service, commencing on May 17, 2022.