Note 5 - Note Payable

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

(

5

) 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

September 5, 2021.

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 believes it has used all of the loan proceeds for qualifying expenses, and plans to apply for forgiveness of the loan in accordance with the terms of the CARES Act.