XML 20 R12.htm IDEA: XBRL DOCUMENT

Loans Payable	6 Months Ended
Jun. 30, 2023
Loans Payable
Loans Payable	Note 6. Loans Payable On June 23, 2021, the Company entered into a purchase agreement to acquire certain assets from MedScience Research Group, Inc (“MedScience”) (See Note 5 for additional information). As part of that purchase agreement, the Company issued a Promissory Note with a principal sum of $750,000. The principal along with the associated interest was to be paid in 36 monthly installments beginning July 2021. The Company has deferred certain principal payments and MedScience has indicated that it would forbear from taking any action until September 30, 2023 provided the Company continues to pay accrued interest on a current basis. The principal balance of the loan had been divided between current and long-term liabilities but as of June 30, 2023 the remaining principal is included in current liabilities on the Company’s condensed consolidated balance sheets. The combined principal due along with accrued interest as of June 30, 2023 is $374,337 and as of December 31, 2022 was $426,451. On April 21, 2023, the Company entered into a fixed-fee short-term loan with its merchant bank and received $162,000 in loan proceeds. The loan is repaid by the merchant bank withholding an agreed-upon percentage of payments they process on behalf of the Company with a minimum of $20,538 paid every 60 days. The loan payable is due in October 2024. As of June 30, 2023, the loan balance is $112,497 and is all recorded in current liabilities based on the minimum payments due. The prior fixed-fee short-term loan with the same merchant bank had a balance of $93,146 as of December 31, 2022 and was paid in full during the second quarter 2023.

Loans Payable

6 Months Ended

Jun. 30, 2023

Note 6. Loans Payable

On June 23, 2021, the Company entered into a purchase agreement to acquire certain assets from MedScience Research Group, Inc (“MedScience”) (See Note 5 for additional information). As part of that purchase agreement, the Company issued a Promissory Note with a principal sum of $750,000. The principal along with the associated interest was to be paid in 36 monthly installments beginning July 2021. The Company has deferred certain principal payments and MedScience has indicated that it would forbear from taking any action until September 30, 2023 provided the Company continues to pay accrued interest on a current basis. The principal balance of the loan had been divided between current and long-term liabilities but as of June 30, 2023 the remaining principal is included in current liabilities on the Company’s condensed consolidated balance sheets. The combined principal due along with accrued interest as of June 30, 2023 is $374,337 and as of December 31, 2022 was $426,451.

On April 21, 2023, the Company entered into a fixed-fee short-term loan with its merchant bank and received $162,000 in loan proceeds. The loan is repaid by the merchant bank withholding an agreed-upon percentage of payments they process on behalf of the Company with a minimum of $20,538 paid every 60 days. The loan payable is due in October 2024. As of June 30, 2023, the loan balance is $112,497 and is all recorded in current liabilities based on the minimum payments due. The prior fixed-fee short-term loan with the same merchant bank had a balance of $93,146 as of December 31, 2022 and was paid in full during the second quarter 2023.