NOTE 15 – PAYROLL PROTECTION PROGRAM

In the six months ended April 30, 2021 two of our US companies, received $648,872 under the second round of the US Government Payroll Protection Program (“Second Round PPP”) for payroll assistance during the Pandemic. The proceeds from the Second Round PPP have been used to offset US employees’ salaries during the six month period. In the six months ended April 30, 2021 the Company utilized all of the $648,872 of the Second Round PPP to defray payroll expense. This amount is recorded in our accounts as “Other Income.” We have applied for the loans to be forgiven under the SBA rules.

In the 2020 FY certain of our US companies, received $648,872 under the US Government Payroll Protection Program (“First Round PPP”). The proceeds from the First Round PPP were used to offset US employees’ salaries during the Pandemic. The amount received under the First Round PPP has now been forgiven under the Program. This amount is recorded in our accounts as “Other Income.”

The companies received their First Round PPP loans in April and May of 2020. The companies applied for forgiveness of the loans in September 2020 and the loans were forgiven in November 2020.