Quarterly report pursuant to Section 13 or 15(d)

Debt and Other Financing Arrangements (Tables)

v3.21.1
Debt and Other Financing Arrangements (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt

 

 

March 31, 2021

 

 

December 31,

2020 (Audited)

 

 

$

38,503

 

 

$

96,257

 

 

 

 

 

 

 

 

 

 

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

 

 

185,785

 

 

 

185,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

224,288

 

 

$

282,042

 

 

Schedule of Principal Payments of Debt

As of March 31, 2021, minimum annual principal payments are as follows:

 

 

 

 

 

 

2021

 

 

224,288

 

2022

 

 

-

 

2023

 

 

-

 

2024

 

 

-

 

2025

 

 

-

 

After 2025

 

 

-

 

 

 

$

224,288