Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.21.1
Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 22 - SUBSEQUENT EVENTS

 

On January 19, 2021, the Company borrowed $150,000 under a long-term note. The note bears interest at an annual rate of 8% simple interest and matures on January 18, 2026. This note is included as part of a series of anticipated notes, all of which will be converted into common equity of Paragon Waste Services, LLC., in accordance with the note’s provisions.

 

On February 2, 2021, the Company borrowed $500,000 under a long-term note. The note bears interest at an annual rate of 8% simple interest and matures on February 3, 2026. This note is included as part of a series of anticipated notes, all of which will be converted into common equity of Paragon Waste Services, LLC., in accordance with the note’s provisions.

 

Under the Small Business Administration (“SBA”), the Company has applied for the PPP program, draw #2. During the first quarter of fiscal year 2021, we have been received $130,100 in loans for draw #2 through SEER and our subsidiaries. At the time of this filing, we do not anticipate having unqualified expenses which would not be forgiven. If we do have a portion of these loans not being forgiven, the unqualified portion is to be repaid over 2 years, accruing interest at 1% per annum.