GULFSLOPE ENERGY, INC. (OTCMKTS:GSPE) Files An 8-K Other Events
Item 8.01 Other Events.
On April 16, 2020, GulfSlope Energy, Inc. (the “Company”) 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 is being made through Zions Bancorporation, N.A. dba Amegy Bank (the “Lender”).
The PPP Loan is scheduled to mature on April 16, 2022 and has a 1.00% interest rate. No payments are due on the PPP Loan until November 16, 2020, although interest will continue to accrue during the deferment period. Beginning November 16, 2020, the Company will pay 18 equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the maturity date. Under the terms of the CARES Act, all or a portion of the PPP Loan may be forgiven. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payroll costs and mortgage interest, rent or utility costs. No assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part.
The Note contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the Note. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts owing from the Company, and/or filing suit and obtaining judgment against the Company. Additionally, the Note is subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration under the CARES Act.
The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, which is filed as Exhibit 10.1 to this Current Report and is incorporated by reference herein..
(d) Exhibits.
| 10.1 | U.S. Small Business Administration Note dated as of April 16, 2020, by GulfSlope Energy, Inc. in favor of Zions Bancorporation, N.A, dba Amegy Bank as lender. | ||
GULFSLOPE ENERGY, INC. Exhibit
EX-10.1 2 ex10-1.htm U.S. SMALL BUSINESS ADMINISTRATION NOTE Gulfslope Energy,…
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About GULFSLOPE ENERGY, INC. (OTCMKTS:GSPE)
GulfSlope Energy, Inc. (GulfSlope) is an independent oil and natural gas exploration company. The Company’s interests are concentrated in the United States Gulf of Mexico (GOM) federal waters offshore Louisiana. The Company focuses on identifying oil and gas prospects. As of September 30, 2015, the Company had identified and acquired leases on approximately 20 prospects containing hydrocarbon deposits. As of September 30, 2015, the Company had leased approximately 20 federal Outer Continental Shelf blocks (leases). As of September 30, 2015, the Company had licensed approximately 2.2 million acres of three-dimensional (3D) seismic data in its area of concentration and evaluated the data using interpretation technologies. As of September 30, 2015, the Company had not generated any revenues.