On a preliminary basis, the Company achieved profitability for calendar year 2020. This marks the third calendar year in a row that the Company has reported profitability. Our financial results for the quarter ending
The Company’s largest customer will have in-person summer school this year after cancelling most of their programs last year due to the pandemic. This customer placed their annual order with the Company last year, prior to the onset of the pandemic, and has warehoused the inventory over the past year. They plan to use up this inventory this summer, which clears the way for a large annual order with the Company in the
On
The Employee Retention Tax Credit (ERTC) was made available to Paycheck Protection Program (PPP) loan borrowers. Previously, PPP loan recipients were not allowed to claim the ERTC. The change was made retroactive to 2020. To take full advantage of this new provision in the law, PCS filed form 941-X to amend its second 2020 941 to claim the ERTC. The amount of the Company’s refund from this filing will be
In addition, the Company has filed its Form 941 for the quarter ending
In addition to making the ERTC retroactively available to PPP borrowers, the new law also provides an ERTC for the first two quarters of 2021 for qualified companies. We are confident that PCS will qualify for both quarters of 2021 for the ERTC. Management estimates that the Company will receive between
The new law also makes the PPP program available to certain qualified borrowers who received a first PPP loan. Management is confident that PCS will qualify for this new “Second Draw” PPP loan. The amount the Company expects to receive is approximately
In March of 2020, the Company applied for an Emergency Disaster and Injury Loan (EIDL) through the SBA and received a
The company applied for and was successful in receiving loan forgiveness of its first PPP loan. Management is confident that its second PPP loan will likewise be forgiven in its entirety.
For more information about
Company financial information and reports can be found at https://www.otcmarkets.com/.
About
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934; actual results could differ materially from such statements.
Contact
Investor Contact:
Investor Relations Web Site: pcsv.global
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