NOTE 16 – PAYROLL PROTECTION PROGRAM

In the nine months ended July 31, 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 pay US employees’ salaries during this period. In the nine months ended July 31, 2021 the Company utilized all of the $648,872 of the Second Round PPP to maintain payroll expense. The loans were forgiven on June 14 and 22, 2021. This amount is recorded in our accounts as “Other Income”.

In the 2020 FY 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 maintain payroll expenses. The companies received their First Round PPP loans in April and May of 2020. The amount received under the First Round PPP has now been forgiven under the Program. This amount is recorded in our financial statements of 2020FY as “Other Income.”