NOTE 11 – SHORT-TERM LOAN

On July 29, 2021, the Company entered into a short-term promissory note with a related party which provided the Company a revolving line of credit up to $3,000,000 at annual interest rate of 6%. All outstanding principal and accrued interest are due and payable on the earlier of (i) the six (6) month anniversary date hereof or (ii) the IPO date of the Company. In connection with the note, the Company issued warrants to the related party at the following terms; (i) exercise price equal to the per share price of the Company’s Common Stock at the closing of its expected IPO (ii) the number of the shares underlying the warrants is equal to 30% of maximum drawn principal amount of the note, divided by the warrant exercise price and, (iii) the warrants expiration date is December 31, 2021 (see Note 12). The short-term loan, including $3,000,000 of principal and $27,083 of accrued interest, was repaid on November 2, 2021.