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Subsequent Events
 12 Months Ended
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.