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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

Below are events that have occurred since March 31, 2023:

 

Incentive Stock Option Grants

 

Jeffrey Pearl, an independent Board member, was granted 25,000 quarterly incentive stock options on April 28, 2023, at an exercise price of $0.781, fully vested, which was 110% of the fair market value of our common stock on the date of such grant.

 

Robert Beaty, an independent Board member, was granted 25,000 quarterly incentive stock options on May 12, 2023, at an exercise price of $0.871, fully vested, which was 110% of the fair market value of our common stock on the date of such grant.

 

Assignment of Agreement to Acquire Wireless Carrier

 

On April 6, 2023, we assigned our rights to acquire a wireless carrier to Insight Mobile, Inc., a Delaware corporation (respectively, the “Assignment Agreement” and “Insight Mobile”), which Assignment Agreement shall be held in escrow by counsel for Insight Mobile pending satisfaction of all conditions to the closing of the Assignment Agreement. Additional information about this assignment is contained in the 8-K Current Report of the Company dated April 6, 2023, and filed with the SEC on April 17, 2023, which is available by Hyperlink in Part II-Other Information, in Item 6 hereof.

 

Loan Extension

 

On April 28, 2023, the Company provided notice to CCUR of its election to extend the “First Extension Option,” under the CCUR Loan by an additional six (6) months. As part of the condition to extend, the Company paid $47,250 to CCUR, which is equal to one and a half percent (1.5%) of the outstanding principal amount of the CCUR Loan.