XML 21 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Note Payable
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 6 - NOTE PAYABLE


Paycheck Protection Program Funding


On April 30, 2020, the Company received federal funding in the amount of $18,900 through the Paycheck Protection Program (the “PPP”). PPP funds had certain restrictions on use of the funding proceeds, and generally must be repaid within two years and accrued interest at a rate of 1% per annum. The PPP loan may, under circumstances, be forgiven. No payment was due by the Company during the nine months period beginning on the date of this note (“Deferral Period”). Commencing one month after the expiration of the Deferral Period, the Company was to pay the lender monthly payments of principal and interest, each in equal amount required to fully amortize by the maturity date. If a payment on this note was more than ten days late, the lender would charge a late fee of up to 5% of the unpaid portion of the regularly scheduled payment. As of March 31, 2021, the principal balance of this note amounted to $18,900 and accrued interest of $174.


During the three months ended March 31, 2021, the Company recognized $47 of interest expense.


   As of
March 31,
2021		   As of
December 31,
2020		 
         
Principal amount  $18,900   $18,900 
Less: current portion   (17,837)   (14,654)
Note payable - long term portion  $1,063   $4,246 

Minimum principal payments under note payable to unrelated parties at March 31, 2021 were as follows:


Year ended December 31, 2021  $14,654 
Year ended December 31, 2022   4,246 
Total principal payments  $18,900 

In April 2021, the Company was notified by the Small Business Administration that the principal and accrued interest under the PPP loan has been forgiven in full (see Note 10).