Note 9 - Note Payable

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

(

9

)

NOTE PAYABLE

:

On

May 4, 2020,

the Company's wholly-owned subsidiary Cyclodextrin Technologies Development, Inc., borrowed

$158,524

from BBVA USA under the Paycheck Protection Program which was established under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The loan matures on

May 4, 2022

and bears interest at a rate of

1%

per annum, payable monthly commencing on

December 4, 2020.

Under the Paycheck Protection Program, the loan

may

be partially or wholly forgiven if the loan is used to fund certain qualifying expenses as described in the CARES Act. The Company intends to use all of the loan proceeds for qualifying expenses and to apply for forgiveness of the loan in accordance with the terms of the CARES Act. Maturities of this note payable over the term of this note and in the aggregate are as follows:

Year Ending December 31,	Amount
2020	$	7,994
2021		106,035
2022		44,495
Total	$	158,524