NextPlat Corp Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events	3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 - SUBSEQUENT EVENTS On April 1, 2020, the Company’s UK based subsidiary, GTCL furloughed 6 employees. Under the “Corona Virus Job Retention Scheme”, the furloughed employees will be paid through the Company, reimbursable in an amount equal to 80% of the employees’ wages thru the UK government until June 30, 2020. On April 20, 2020, the Board of Directors of Orbsat Corp approved for the Corporation’s wholly owned UK subsidiary, Global Telesat Communications Limited, “GTCL”, to enter into a promissory agreement, “COVID Loan”, as offered by the UK government, Coronavirus Business Interruption Loan Scheme, “CBILS” for working capital assistance, for a six year term, with no payments and 0% interest in the first twelve months, interest thereafter at 4% of the Bank of England Base Rate or which is currently 0.10%. On May 4, 2020, the BCP Council, has awarded a grant of £25,000 to GTCL, under its COVID 19 relief scheme, “Retail, Leisure and Hospitality Relief”. The grant is not a loan and is not to be repaid. Additionally, on May 5, 2020, the BCP Council, waived the 2020 business rates, for the period starting April 1, 2020 thru March 31, 2021, of approximately £13,224 or $16,941, at the quarterly average exchange rate at March 31, 2020 of 1.281097. On May 8, 2020, Orbsat Corp, has been approved for the Payroll Protection Program, (“PPP”) loan. The loan is for $20,832 and has a term of 2 years, of which the first 6 months are deferred, at an interest rate of 1%.

Subsequent Events

3 Months Ended

Mar. 31, 2020

NOTE 16 - SUBSEQUENT EVENTS

On April 1, 2020, the Company’s UK based subsidiary, GTCL furloughed 6 employees. Under the “Corona Virus Job Retention Scheme”, the furloughed employees will be paid through the Company, reimbursable in an amount equal to 80% of the employees’ wages thru the UK government until June 30, 2020.

On April 20, 2020, the Board of Directors of Orbsat Corp approved for the Corporation’s wholly owned UK subsidiary, Global Telesat Communications Limited, “GTCL”, to enter into a promissory agreement, “COVID Loan”, as offered by the UK government, Coronavirus Business Interruption Loan Scheme, “CBILS” for working capital assistance, for a six year term, with no payments and 0% interest in the first twelve months, interest thereafter at 4% of the Bank of England Base Rate or which is currently 0.10%.

On May 4, 2020, the BCP Council, has awarded a grant of £25,000 to GTCL, under its COVID 19 relief scheme, “Retail, Leisure and Hospitality Relief”. The grant is not a loan and is not to be repaid.

Additionally, on May 5, 2020, the BCP Council, waived the 2020 business rates, for the period starting April 1, 2020 thru March 31, 2021, of approximately £13,224 or $16,941, at the quarterly average exchange rate at March 31, 2020 of 1.281097.

On May 8, 2020, Orbsat Corp, has been approved for the Payroll Protection Program, (“PPP”) loan. The loan is for $20,832 and has a term of 2 years, of which the first 6 months are deferred, at an interest rate of 1%.