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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

Below are events that have occurred since June 30, 2022:

 

Additional Office Leases

 

To support our expanding Mobile Services segment, the Company’s subsidiary, IM Telecom d/b/a Infiniti Mobile, executed a three (3) year office lease agreement out of its Tulsa, Oklahoma location, commencing August 1, 2022. This new location will primarily serve as a warehouse, staff office, and adds additional space for inventory management, equipment provisioning and distribution of equipment to our various channels throughout the U.S.

 

The Company also entered an eight (8) year lease agreement, located in Johnstown, Pennsylvania, for its Apeiron Systems subsidiary. The office will provide additional space to primarily house Apeiron customer service, equipment provisioning, software development and accounting personnel in support of our Hosted Services market segment.

 

In July 2022, IM Telecom d/b/a Infiniti Mobile, in support of our Mobile Services segment, opened its new national customer service center in Atmore, Alabama.

 

Incentive Stock Option Grants

 

The Company granted a quarterly director 25,000 share Incentive Stock Option to Jeffrey Pearl, an independent director, on July 28, 2022, at an exercise price of $1.74, 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.

 

The Company also granted a quarterly director 25,000 share Incentive Stock Option to Robert Beaty, an independent director, on August 12, 2022, at an exercise price of $1.91, 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.

 

 

Notice of Stock Option Exercise

 

Paul LaPier, a former employee of the Company, has elected to exercise and purchase 300,000 shares, originally granted on October 24, 2019, under the 2018 Incentive Stock Option Plan, at a purchase price of $0.15 or an aggregate of $45,000. Payment for this option exercise cleared the Company’s bank on August 10, 2022; however, the shares underlying this incentive stock option, which have not yet been issued, are contemplated to be issued directly following the filing of this Quarterly Report.