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NOTES PAYABLE
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

A summary of the notes payable activity during the nine months ended September 30, 2022 is presented below:

    PPP Loan  
Outstanding, January 1, 2022   $ 250,000  
Issuances     -  
Forgiveness     (250,000 )
Outstanding, September 30, 2022   $ -  

 

On March 14, 2021, under the U.S. Small Business Administration’s Paycheck Protection Program (“PPP”), the Company entered into a note payable with a financial institution for $250,000 at an interest rate of 1% per annum and a maturity date of March 14, 2026. Pursuant to the note, principal and interest payments were deferred for ten months. At that time the Company was able to apply for loan forgiveness. At December 31, 2021, $250,000 was outstanding. On January 5, 2022, the total amount of the PPP loan was forgiven.