Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE

v3.22.1
NOTE PAYABLE
6 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 5 – NOTE PAYABLE

 

On April 16, 2020, GulfSlope Energy, Inc. entered into a promissory note (the “Note“) evidencing an unsecured $100,300 loan under the Paycheck Protection Program (the “PPP Loan“). The Paycheck Protection Program was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act“) and is administered by the U.S. Small Business Administration. The PPP Loan was made through Zions Bancorporation, N.A. dba Amegy Bank (the “Lender“). On December 17, 2020, the PPP Loan plus accrued interest of $662 was formally forgiven in full by the U.S. Small Business Administration. The forgiven loan balance and related interest totaling $100,962 was accounted for as a gain on debt extinguishment in the Condensed Statements of Operations during the three months ended December 31, 2020.