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Note 8 - Note Receivable
 3 Months Ended
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