Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

v3.21.1
Loans Payable
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Loans Payable

Note 8 – Loans Payable  

 

During May 2020, the Company’s continuing operations received aggregate cash proceeds of $907,129 pursuant to two loans (the “PPP Loans”) provided in connection with the Paycheck Protection Program (“PPP”) under the CARES Act. The PPP Loans bear interest at 0.98% per annum. Monthly amortized principal and interest payments begin in July 2021 and the notes mature in April 2022. While the PPP Loans currently have two-year maturities, the amended law permits the borrower to request five-year maturities from its lenders. The Company has not yet applied for forgiveness on the PPP Loans.

 

The Company recorded interest expense of $2,192 related to the PPP Loans three months ended March 31, 2021.