Item 1.01 Entry into a Material Definitive Agreement
On April 23, 2020, the Registrant 's wholly owned subsidiary, Pharmacy Value
Management Solutions, Inc. (the "Borrow"), was granted a loan (the "Loan") from
Mechanics Bank in an amount of $ 1,243,840, pursuant to the Paycheck Protection
Program (the "PPP") under Division A., Title I of the CARES ACT, which was
enacted March 27, 2020.
The Loan, represented by a Note dated April 23, 2020, issued by the
Borrower matures on April 23, 2022 and bears interest at a rate of 1.000%. The
Loan is to be repaid in eighteen monthly installments of $69,999.78, beginning
on November 23, 2020. Pursuant to 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.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Reference is made to the disclosure under Item 1.01 above which is hereby
incorporated herein by reference.
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