CureSearch for Children's Cancer

According to the CureSearch for Children's Cancer audit of December 31, 2021 (Note 5, Government Grants):

"CureSearch applied for and received funds in the amount of $277,800 under the Paycheck Protection Program (PPP) which was created by the U.S. Federal Government as a result of the coronavirus pandemic. The proceeds were considered a forgivable loan, assuming certain qualified expenses, primarily payroll related expenses, were incurred during a period of eight-weeks to 24-weeks, commencing on the date of the loan agreement (April 20, 2020). Any portion of this loan that did not qualify for forgiveness was subject to an interest rate of 1%. The original loan document required monthly principal installments plus interest over an eighteen-month period commencing on November 20, 2020 with a maturity date of April 20, 2022. However, the beginning date of the repayment of principal period was extended until 10 months after the end of the period of eight-weeks to 24-weeks. As of December 31, 2020, this was recorded as deferred revenue, non-current on the [audited] statements of financial position. CureSearch applied for and received 100% forgiveness of the PPP loan on August 20, 2021, and therefore, this forgiveness has been recognized as government grant revenue during the year ended December 31, 2021.

"In February 2021, CureSearch once again applied for and received additional funds in the amount of $277,800 under the Small Business Administration's (SBA) PPP. The proceeds were considered a forgivable loan, assuming certain qualified expenses, primarily payroll related expenses, were incurred during either a period of eight-weeks to 24-weeks, commencing on the date of the loan agreement (February 9, 2021). ... CureSearch applied for and received 100% forgiveness of the PPP loan on November 24, 2021, and therefore, this forgiveness has been recognized as government grant revenue during the year ended December 31, 2021."

According to the CureSearch for Children's Cancer audit of December 31, 2021 (Note 11, Other Matters, Investment Risk):

"CureSearch invests in a professionally managed portfolio that may contain corporate bonds, mutual funds, money market funds and other investments. Such investments are exposed to various risks such as interest rate, market, and credit. Due to the level of risk associated with such investments and the level of uncertainty related to changes in the value of such investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances and the amounts reported in the [audited] financial statements."

According to the CureSearch for Children's Cancer audit of December 31, 2021 (Note 11, Other Matters, National Health Emergency):

"In March 2020, the President of the United States declared a national emergency due to a viral pandemic. The declaration of the national emergency and similar declarations made by various states, and the outbreak of the virus itself, have had far reaching social, economic and financial impacts on the United States. The pandemic continues and at this time [May 25, 2022], the impact on the operations and financial status of CureSearch cannot be determined."