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Notes Payable
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Notes Payable

Note 11 – Notes Payable

 

Notes payable consists of the following at March 31, 2022 and December 31, 2021, respectively:

        
   March 31,   December 31, 
   2022   2021 
         
On June 16, 2020, the Company entered into a loan authorization and loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business (the “EIDL Loan Agreement”) encompassing a $150,000 Promissory Note issued to the SBA (the “EIDL Note”)(together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated June 16, 2020, between the SBA and the Company (the “EIDL Security Agreement”) pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under the EIDL Note, the Company is required to pay principal and interest payments of $731 every month beginning June 16, 2022, as extended. All remaining principal and accrued interest is due and payable on June 16, 2050. The EIDL Note may be repaid at any time without penalty.  $150,000   $150,000 
           
Total notes payable   150,000    150,000 
Less: current maturities   –    – 
Notes payable, less current maturities  $150,000   $150,000 

 

The Company recognized $1,494 and $1,512 of interest expense during the three months ended March 31, 2022 and 2021, respectively.