v3.21.1
Debt and Liabilities
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
DEBT AND LIABILITIES

NOTE 4 – DEBT AND LIABILITIES

 

Accrued Liabilities

 

A summary of accrued liabilities for the years ended December 31, 2020 and 2019 is as follows:

 

 

 

2020

 

 

2019

 

Accrued payables

 

$

747,361

 

 

$

264,404

 

Insurance premium

3,243,509


130,492

Driver deposits

 

 

168,855

 

 

 

161,601

 

Deferred rent

 

 

46,261

 

 

 

98,000

 

Payroll liabilities

 

 

77,303

 

 

 

161,113

 

Other accrued liabilities

 

 

76,059

 

 

 

88,302

 

Accrued liabilities

 

$

4,359,348

 

 

$

903,912

 

 

Notes Payable


On April 13, 2020, the Company entered into a loan with JPMorgan Chase Bank, N.A. as the lender (“Lender”) in an aggregate principal amount of $2,004,175 pursuant to the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a promissory note (“Note”). Subject to the terms of the Note, the PPP Loan bears interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred, has an initial term of two years, and is unsecured and guaranteed by the Small Business Administration. The Company may apply to the Lender for forgiveness of the PPP Loan, with the amount which may be forgiven equal to the sum of payroll costs, covered rent, and covered utility payments incurred by the Company during the 24-week period beginning on April 13, 2020, calculated in accordance with the terms of the CARES Act. The Note provides for customary events of default including, among other things, cross-defaults on any other loan with the Lender. The PPP Loan may be accelerated upon the occurrence of an event of default.


As of December 31, 2020, the PPP amount payable under the Note is $1,999,175. The PPP Loan proceeds were used for payroll, covered rent and other covered payments and is expected to be forgiven based on current information available. The Company is in the process of applying to the Lender for forgiveness of the PPP Loan as of the date of this report and we expect the full PPP Loan amount to be forgiven.