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LOAN RECEIVABLE | 3 Months Ended
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Mar. 31, 2022
LOAN RECEIVABLE |
LOAN RECEIVABLE | NOTE 6 – LOAN RECEIVABLE On October 30, 2021, the Company entered into an agreement for a ten-year loan with a third-party to memorialize €4,284,521 ($4,849,221) in prepayments the Company had made. Interest is calculated at a rate of 5.5% per annum on a 360-day basis. Under the terms of the agreement, the Company is to receive 120 equal payments over the term of the loan. As of December 31, 2021, the Company had a short-term receivable balance of $377,590 and a long-term receivable balance of $4,410,689 under this loan. During the three months ended March 31, 2022, the Company received €81,696 ($90,626) in principal payments such that as of March 31, 2022, the Company had a short-term receivable balance of $375,195 and a long-term receivable balance of $4,227,268 under this loan.

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