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Note Payable and Accrued Interest
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Note Payable and Accrued Interest

Note 6 – Note Payable and Accrued Interest

 

On February 10, 2021, the Company entered into a note payable with its current bank in the principal amount of $514,200, for working capital purposes.

 

The loan amount bears interest at 1% and is due on February 5, 2026. The loan may be repaid in advance without penalty. The loan is also potentially forgivable in full provided proceeds are used for payment of payroll expenses, rent, utilities and mortgage interest and certain other terms and conditions are met. The loan has typical default provisions, including for change of ownership, general lender insecurity as to repayment, non-payment of amounts due, defaults on other debt instruments, insolvency, dissolution or termination of the business as a going concern and bankruptcy.

 

During the three ended March 31, 2021, interest of $718 was accrued in respect of this note payable.