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Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events |
19. | Subsequent Events
PPP Loan Forgiveness As discussed in Note 10 – Notes Payable, the Company applied for forgiveness of its PPP loan, and the entire principal balance and interest were forgiven in January 2021. The forgiveness income, totaling $845,083, will be recorded as other income for the year ended December 31, 2021. Issuance of Restricted Common Stock to Directors On February 15, 2021, the Company issued 12,207 new Shares of restricted common stock to directors of the Company in accordance with the Company’s director compensation policy. Stock compensation of $57,500 was recorded on the issuance of the common stock. Commitment to Purchase Capital Equipment and Enter Into a Lease On February 18, 2021, the Company committed to purchase warehouse racking in the amount of $326,864. The Company is evaluating equipment financing options to finance the equipment purchase. On February 5, 2021, the Company signed a lease for 37,000 square foot building, primarily for document storage, in Sterling Heights, MI, with monthly rental payments of $20,452 commencing on May 1, 2021 and a lease term continuing to April 30, 2028.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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