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Convertible Notes Receivable
3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Convertible Notes Receivable

NOTE 7. Convertible Notes Receivable

The Company entered into a convertible loan agreement with Simax Precision Technologies Limited (“Simax”) on May 31, 2018.  Under the agreement, Simax may borrow from the Company up to $15,000 in multiple promissory notes, subject to limitations.  The Company expects to be a supplier of lithography modules to Simax which is focused on the manufacture, sale and service of lithography systems.  

The convertible notes will bear a rate of interest of 4.25% per annum payable on a semi-annual basis.  The convertible notes provide the Company with the option to convert the outstanding indebtedness into equity.   If the Company does not elect to exercise its option to convert the notes into equity, Simax will repay the principal amount outstanding and any outstanding interest in equal installments beginning on the fifth anniversary of the loan date and continuing on a quarterly basis over the next three years.

As of March 31, 2019, the convertible notes receivable balance was $5,000 with accrued interest of $93.