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Note 8 - Note Receivable | 3 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Notes Receivable [Text Block] |
8. | NOTE RECEIVABLE
During the third quarter 2020, the Company loaned $295,000 as an advance to Technology Transfer Institute (“TTI”) 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%. Due to the ongoing delays in payment, the Company reserved $100,000 of the note as an allowance. On February 17, 2022, the Company amended the note to modify the payment terms to provide for lower monthly payments, with an updated maturity date on or before December 6, 2023. On May 5, 2022, the Company amended the note to modify the payment terms to eight biweekly installments of $1,000 beginning February 25, 2022, nineteen consecutive monthly installments of $15,000 beginning on July 6, 2022, and $2,000 on or before February 6, 2024. A member of our board of directors served as Chief Executive Officer of TTI until August 12, 2020.
|  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Note receivable |  | $ | 295,000 |  |  | $ | 295,000 |
Repayment of note |  |  | (3,000 | ) |  |  | - |
Allowance for doubtful account |  |  | (100,000 | ) |  |  | (100,000 | )
Note receivable, net of allowance |  |  | 192,000 |  |  |  | 195,000 |
Current portion, net of allowance |  | $ | 82,000 |  |  | $ | 82,000 |
Noncurrent portion, net of allowance |  | $ | 110,000 |  |  | $ | 113,000 |

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