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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

Below are events that have occurred since September 30, 2021:

 

On October 23, 2021, IM Telecom entered into a national master distribution agreement with Community Outreach Partnerships, LLC (“COP”). Under the agreement and utilizing IM Telecom’s Infiniti Mobile brand name, COP shall recruit and manage a national network of independent sales agents to distribute Lifeline and/or EBB eligible cellular voice, SMS (texting) and mobile data services to low-income households. COP shall distribute these services within those states authorized by IM Telecom. COP shall be compensated based upon certain customer acquisition and retention criteria.

 

On October 25, 2021, IM Telecom entered into a national master distribution agreement with Royal Marketing Group (“Royal”). Under the agreement and utilizing IM Telecom’s Infiniti Mobile brand name, Royal shall recruit and manage a national network of independent sales agents to distribute Lifeline and/or EBB eligible cellular voice, SMS (texting) and mobile data services to low-income households. Royal shall distribute these services within those states authorized by IM Telecom. Royal shall be compensated based upon certain customer acquisition and retention criteria.

 

The Company granted a quarterly director 25,000 share Incentive Stock Option to Jeffrey Pearl on October 28, 2021, at an exercise price of $1.595, fully vested. The exercise price was based upon 110% of the fair market value or closing public trading price of the Company’s common stock on the date of grant.

 

On Friday, November 5, 2021, the below referenced Infrastructure Bill was passed in the House of Representatives and is now expected to be signed into law by President Biden.