Notes Payable, Net

12 Months Ended

Dec. 31, 2021

Notes Payable [Abstract]

NOTES PAYABLE, NET

NOTE 5 – NOTES PAYABLE, NET

The following is a summary of notes payable as of December 31, 2021 and 2020:

	December 31, 2021		December 31, 2020
Paycheck Protection Program	$	-	$	485,760
Installment loan payable related to a vehicle acquisition payable in monthly payments of $539 per month at an interest rate of 10.8% per annum payable for 36 months		1,579		7,526
Total Principal Outstanding	$	1,579	$	493,286
Notes Payable, current portion	$	1,579	$	5,947
Notes Payable, net of current portion		-		487,339
	$	1,579	$	493,286

Paycheck Protection Program Loan

In May 2020, the Company received a loan of approximately $486,000 under the Paycheck Protection Program (“PPP”) as part of the Coronavirus Aid, Relief and Economic Security Act which is administered by the U.S. Small Business Association (“USSBA”) related to its U.S. Operations. The Company received notice from the USSBA in May 2021, that the May 2020 PPP loan was forgiven as we met the applicable requirements.

In January 2021, the Company received a second loan of approximately $486,000 under the PPP related to its U.S. Operations. The Company received notice from the USSBA in August 2021, that the January 2021 PPP loan was forgiven as the Company met the applicable requirements.

In accordance with ASC 470, extinguishment accounting, the amount forgiven by the USSBA is recorded as other income – gain on extinguishment of notes payable.

The remaining amounts Notes Payable due as of December 31, 2021 will be paid in the first quarter of 2022.