Quarterly report pursuant to Section 13 or 15(d)

Debt and Other Financing Arrangements (Tables)

v3.21.2
Debt and Other Financing Arrangements (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Debt

 

 

September 30, 2021

 

 

December 31,

2020 (Audited)

 

The note payable as of December 31, 2020 required an upfront payment of $20,746 and monthly payments of $19,251 over a ten month period. The notes matured on May 1, 2021. Annualized interest was 5.95%.

 

$

-

 

 

$

96,257

 

 

 

 

 

 

 

 

 

 

Unsecured financing agreement with commercial premium financing company. Down payment of $36,255 was required upfront and equal installment payments of $19,115 to be made over an 11 month period. The note will mature on June 1, 2022 with annualized interest of 3.95%.

 

$

172,032

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Promissory note issued by a financial institution, bearing interest at 1.0%, interest and no principal payments.   The note matured April 30, 2022. Annualized interest was 1.0%. This is a U.S. Small Business Administration’s Paycheck Protection Program (the “PPP Loan”)

 

 

-

 

 

 

185,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

172,032

 

 

$

282,042