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EX-10 - Super League Gaming, Inc. | ex10-05072020_040502.htm |
(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
Common Stock, par value $0.001 per share
SLGG
Nasdaq Capital Market
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
On May 4, 2020, Super League Gaming, Inc. (the "Company") entered into a potentially forgivable loan from the U. S. Small Business Administration ("SBA") resulting in net proceeds of approximately $1,200,047 pursuant to the Paycheck Protection Program ("PPP") enacted by Congress under the Coronavirus Aid, Relief, and Economic Security Act (15 U.S.C. 636(a)(36)) (the "CARES Act") administered by the SBA (the "PPP Loan"). To facilitate the PPP Loan, the Company entered into a Note Payable Agreement with South Porte Bank as the lender (the "Lender") (the "PPP Loan Agreement").
The PPP Loan provides for working capital to the Company and will mature on May 4, 2022. However, under the CARES Act and the PPP Loan Agreement, all payments of both principal and interest will be deferred until at least December 4, 2020. The PPP Loan will accrue interest at a rate of 1.00% per annum, and interest will continue to accrue throughout the period the PPP Loan is outstanding, or until it is forgiven. The CARES Act (including the guidance issued by SBA and U.S. Department of the Treasury related thereto) provides that all or a portion of the PPP Loan may be forgiven upon request from the Company to Lender, subject to requirements in the PPP Loan Agreement and the CARES Act.
The foregoing summary of the PPP Loan is qualified in its entirety by reference to the PPP Loan Agreement, which is attached as Exhibit 10.1 hereto.
(d) Exhibits.
Exhibit No.
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Description
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Note Payable Agreement by and between Super League Gaming, Inc. and South Porte Bank, dated May 4, 2020.
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Super League Gaming, Inc. |
By: | /s/ Clayton Haynes |
Name: Clayton Haynes | |
Title: Chief Financial Officer |