Debt and Other Financing Arrangements

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt and Other Financing Arrangements

Note 5. Debt and Other Financing Arrangements

	September 30, 2021		December 31, 2020 (Audited)
The note payable as of December 31, 2020 required an upfront payment of $20,746 and monthly payments of $19,251 over a ten month period. The notes matured on May 1, 2021. Annualized interest was 5.95%.	$	-	$	96,257
Unsecured financing agreement with commercial premium financing company. Down payment of $36,255 was required upfront and equal installment payments of $19,115 to be made over an 11 month period. The note will mature on June 1, 2022 with annualized interest of 3.95%.	$	172,032	$	-
Promissory note issued by a financial institution, bearing interest at 1.0%, interest and no principal payments.   The note matured April 30, 2022. Annualized interest was 1.0%. This is a U.S. Small Business Administration’s Paycheck Protection Program (the “PPP Loan”)		-		185,785
	$	172,032	$	282,042

On April 30, 2020, the Company obtained a $185,785 Paycheck Protection Program loan. These business loans were established by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.

The Paycheck Protection Program allows entities to apply for low interest private loans to pay for their payroll and certain other costs. The loan proceeds will be used to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the Company keeps its employee counts and employee wages stable. The program was implemented by the U.S. Small Business Administration. The interest rate is 1.0% and has a maturity date of 2 years. We have applied for loan and interest forgiveness in the fourth quarter of 2020.

On May 6, 2021, we received notice from the Paycheck Protection Program that $157,250 of our loan had been forgiven.  As such, we paid the remaining balance of $28,534 by September 30, 2021.