Vaso Corporation (VASO)

[OBrien]

Lets add another $3.6Mil cash jeesh, Not long ago I was wondering if they would survive...

https://www.otcmarkets.com/filing/html?id=14077505&guid=6i1HUeCe4AeaE3h


On April 13, 2020, Registrant received funding of a $3,610,900 Note (the “Note”) issued by PNC Bank, National Association (“PNC”) pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Paycheck Protection Program (the “Program”). Amounts outstanding on the Note are at the annual interest rate of 1%. During the first six months of the Note, there is no principal nor interest required to be paid. Thereafter, to the extent the Note is not forgiven under the Program, the outstanding balance of the Note converts to an amortizing term loan payable monthly over an eighteen month period. The Note can be prepaid at any time without penalty.

Registrant may apply to PNC for forgiveness of the Note in an amount equal to the sum of the following costs incurred by Registrant during the eight week period beginning on the date of first disbursement of the Note proceeds: (a) payroll costs; (b) any payment of interest on a covered mortgage obligation; (c) any covered rent payment; and (d) any covered utility payment. The amount of forgiveness is calculated in accordance with the requirements of the Program. In this regard, no more than 25% of the amount forgiven can be attributable to non-payroll costs.