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Note 8 - Note Receivable
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Notes Receivable [Text Block]

8.

NOTE RECEIVABLE

 

During the third quarter of 2020, the Company loaned $295,000 as an advance to Exponential Launch Partners (“ELP”) to aid in fulfilling the African contracts. The note does not bear any interest if paid within the nine (9) monthly installments beginning December 31, 2020. The note bears a default rate of 5%. ELP has been attempting to raise capital to repay the note. The note is currently in default and as such, has been classified as noncurrent effective June 30, 2021. No payments were received from ELP during the nine months ended September 30, 2021. The Company is currently renegotiating the payment terms of the note, as the deployment of projects in Africa has been delayed due to COVID and the establishment of bank regulations for payments to vendors and contractors. Due to the ongoing delays in payment, the Company has reserved $100,000 of the note as an allowance.

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 
         

Note receivable – current

 $-  $295,000 

Note receivable – non-current

  295,000   - 

Allowance for doubtful account

  (100,000

)

  - 

Note receivable, net of allowance

 $195,000  $295,000