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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

 

ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in its financial statements and the required disclosures for such events.

 

In July of 2021, The Company entered into a settlement agreement with PNC Inc. The Company agreed to pay a total of $700,000.00 to PNC Inc. Company paid $200,000.00 in July to PNC Inc. and the remaining balance of $500,000.00 will be paid quarterly over the next 24 months.