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Notes Payable - Related Party (Tables)

9 Months Ended

Sep. 30, 2020

Notes Payable [Abstract]

Schedule of Notes Payable

As of September 30, 2020, the Company had various notes payable to Gloria E. Gebbia, the Company’s principal stockholder, the details of which are presented below:

Description	Issuance Date		Face Amount
4% due December 2, 2020	December 2, 2019		$	3,000,000
Subordinated to MSCO*
4% due November 30, 2021**	November 30, 2018		$	3,000,000
Total Notes payable – related party			$	6,000,000

*The note payable subordinated to MSCO was acquired as part of the acquisition of StockCross.

**This note payable was renewed on November 30, 2019 for a term of one year. Subsequently, a rate adjustment and extension of its maturity with permissive prepayment was completed on March 3, 2020.

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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