Note 8 - Note Receivable |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 | |||
Notes to Financial Statements | |||
Notes Receivable [Text Block] |
During the third quarter of 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%. Currently, TTI is in the process of raising capital to repay the loan, and fulfil the African contracts. The note is currently in default and as such, has been classified as noncurrent as of June 30, 2021. No payments were received from TTI during the six months ended June 30, 2021. The Company is currently renegotiating the payment terms of the note, as the deployment of projects in Africa has been delayed due to COVID and the establishment of bank regulations for payments to vendors and contractors. |