Item 1.01 Entry into a Material Definitive Agreement

On January 12, 2021, the Company advanced the amount of $100,000 to KFH. Repayment of this amount was evidenced by a Promissory Note (the "Note") executed by KFH and payable to the Company. The Note matures on June 30, 2021, is unsecured, bears interest at a rate of 10% per annum, and the unpaid principal and interest may be accelerated upon an event of default as defined thereunder. The amount advanced is to be used by KFH exclusively toward the purchase of real property located in Gilbert, Arizona. Aaron Klusman is the sole member of KFH. Mr. Klusman is also Chief Executive Officer and Chairman of the Board of the Company.

The description of the Note is only a summary of the material terms of the Note, does not purport to be a complete description of the Note, and is qualified in its entirety by reference to the Note, a copy of which is filed as Exhibit 10.1 and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement

The cancellation of the Original Note as disclosed in the Explanatory Note above is hereby incorporated by reference. There are no early termination penalties resulting from such cancellation. Aaron Klusman is the sole member of KFH. Mr. Klusman is also Chief Executive Officer and Chairman of the Board of the Company.

Item 9.01 Financial Statements and Exhibits.






(d)   Exhibits



  10.1       Promissory Note payable by Klusman Family Holdings, LLC.

                                       2

© Edgar Online, source Glimpses