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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 15- SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events after the balance sheet date of December 31, 2021, through March 31, 2021, the date on which the consolidated financial statements were available to be issued. Based upon this evaluation, management has determined that no material subsequent events have occurred that would require recognition in or disclosures in the accompanying consolidated financial statements, except as follows:

 

On March 6, 2022, Maslow received a notice of default, acceleration, and demand for payment in full from FVCBank due to incurable events of default on behalf of Borrower Vivos Real Estate Holdings LLC. Per the default notice, “As of March 2, 2022, the total indebtedness due and owing under the Loan (the ‘‘Debt’’) is $1,743 consisting of an unpaid principal balance in the amount of $1,703 accrued and unpaid interest in the amount of $7, deferred payments in the amount of $20 and late fees in the amount of $12 plus prepayment penalties and attorneys’ fees, costs and expenses,” less setoff fees of $16. Notwithstanding, Maslow has grounds to protest its status as a guarantor on the loan and is pursuing this matter with FVCBank. No assurances can be made to guarantee that the outcome of this matter is in the Company’s favor.

 

On March 21, 2022, the Company began its arbitration proceedings against the Vivos Group that is slated to run into the 2nd quarter of 2022, with anticipation of a decision by July 7, 2022. Maslow contends the Vivos Group committed merger violations and continues to pursue the defaults on the related party notes receivable. The outcome of the arbitration could result in relinquishment in whole or in part shares of Company common stock received by the Respondents in connection with the Merger.