ITEM 1.02 Termination of a Material Definitive Agreement.
As previously disclosed, on May 4, 2020, Iota Networks, LLC (the "Borrower"), a
wholly owned subsidiary of Iota Communications, Inc. (the "Company"), was
granted a loan (the "Loan") from Western Alliance Bank (the "Lender") in the
aggregate amount of $763,600, pursuant to the Paycheck Protection Program (the
"PPP") as administered by the U.S. Small Business Administration (the "SBA")
under Division A, Title I of the CARES Act, which was enacted on March 27, 2020.
The Loan was evidenced by a promissory note, dated May 4, 2020 (the "Note")
between the Borrower and the Lender. The interest rate on the Note was 1.00% per
annum, with interest accruing on the unpaid principal balance computed on the
basis of the actual number of days elapsed in a year of 360 days.
Under the terms of the CARES Act, PPP loan recipients can apply for, and the SBA
can grant forgiveness of, all or a portion of loans made under the PPP, plus any
accrued interest, if the recipients have used the PPP loan proceeds for eligible
purposes.
On September 1, 2021, the Company received notification from the Lender that the
SBA approved the Borrower's PPP Loan forgiveness application for the entire Loan
effective August 30, 2021. The forgiveness of the Loan will be recognized during
the Company's fiscal quarter ended August 31, 2021.
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IOTA COMMUNICATIONS, INC. 
