Other Loans |
9 Months Ended |
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Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Other Loans | Note 10 - Other Loans
On June 19, 2020, Diamond Bar was granted a U.S. Small Business Administration (SBA) loan in the aggregate amount of $150,000, pursuant to the Economic Injury Disaster Loan. The Loan, which was in the form of a promissory note dated June 19, 2020, matures on June 19, 2050 and bears interest at a rate of 3.75% per annum, payable monthly beginning 12 months from the date of the promissory note. Funds from the Loan may only be used for working capital. The loan was secured by all tangible and intangible property of Diamond Bar. Interest of $4,184 and $4,272 had been accrued for this loan for the nine months ended September 30, 2023 and 2022, respectively; and $1,403 and $1,433 for the three months ended September 30, 2023 and 2022.
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