UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 1,
2021
IOTA COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-27587
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22-3586087
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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600 Hamilton Street, Suite 1010
Allentown, PA 18101
(Address of principal executive offices)
Registrant’s telephone number, including area code: (855)
743-6478
N/A
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
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☐
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
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ITEM 1.02
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Termination of a Material Definitive Agreement.
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As
previously disclosed, on May 4, 2020, Iota Networks, LLC (the
“Borrower”), a wholly owned subsidiary of Iota
Communications, Inc. (the “Company”), was granted a
loan (the “Loan”) from Western Alliance Bank (the
“Lender”) in the aggregate amount of $763,600, pursuant
to the Paycheck Protection Program (the “PPP”) as
administered by the U.S. Small Business Administration (the "SBA")
under Division A, Title I of the CARES Act, which was enacted on
March 27, 2020.
The
Loan was evidenced by a promissory note, dated May 4, 2020 (the
“Note”) between the Borrower and the Lender. The
interest rate on the Note was 1.00% per annum, with interest
accruing on the unpaid principal balance computed on the basis of
the actual number of days elapsed in a year of 360
days.
Under
the terms of the CARES Act, PPP loan recipients can apply for, and
the SBA can grant forgiveness of, all or a portion of loans made
under the PPP, plus any accrued interest, if the recipients have
used the PPP loan proceeds for eligible purposes.
On
September 1, 2021, the Company received notification from the
Lender that the SBA approved the Borrower’s PPP Loan
forgiveness application for the entire Loan effective August 30,
2021. The forgiveness of the Loan will be recognized during the
Company's fiscal quarter ended August 31, 2021.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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IOTA COMMUNICATIONS,
INC.
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Date: September 8,
2021
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By:
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/s/Terrence
DeFranco
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Name:
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Terrence
DeFranco
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Title:
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Chief
Executive Officer
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