Note 8 - Government CEBA Loan

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

8.

          

Government CEBA loan:

During the year ended

December 31, 2020,

the Company was granted a loan of

$47,089

(

CAD$60,000

) under the Canada Emergency Business Account (CEBA) loan program for small businesses. The CEBA loan program is

one

of the many incentives the Canadian Government put in place in response to COVID-

19.

The loan is interest free and a quarter of the loan

CAD$20,000

is eligible for complete forgiveness if

CAD$40,000

is fully repaid on or before

December 31, 2022.

If the loan cannot be repaid by

December 31, 2022,

it can be converted into a

3

-year term loan charging an interest rate of

5%.

During the quarter ended

March 31, 2021,

the Company drew

$200,000

from its line of credit with the Leumi Bank.  The loan was repaid in full during the quarter ended

March 31, 2021

with interest costs of

$987.