On January 14, 2022, Slinger Bag Inc. entered into two loan agreements with Yonah Kalfa Naftali Kalfa, each for $1 million, pursuant to which the company received a total amount of $2 million. The loans bear interest at a rate of 8% per annum and are required to be repaid in full by April 30, 2022 or such other date as may be accepted by the lenders. The company is not permitted to make any distribution or pay any dividend unless or until the loans are repaid in full.