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Note 5 - Due From Mullen
6 Months Ended
Jun. 30, 2021
Mullen [Member]  
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 5. DUE FROM MULLEN 

 

As contemplated by the Original Merger Agreement referred to in Note 3, on August 11, 2020, our Company as lender, borrowed an additional $500,000 from RBL and entered into an unsecured Promissory Note, dated August 11, 2020 (the “Mullen Note”), with Mullen. Pursuant to the Mullen Note, Mullen borrowed $500,000 from the Company. Prior to maturity of the loan, the principal amount of the loan will carry an interest rate of 14% per annum compounded monthly and payable upon demand. This loan will mature on the earlier of (i) the date that the merger agreement is terminated for any reason by any party thereto and (ii) the Merger effective time.

 

At June 30, 2021, the Company is also owed approximately $1.5 million from Mullen in connection with Late Fees, pursuant to the Original Merger Agreement with Mullen.