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NOTES PAYABLE
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 5.  NOTE PAYABLE


On August 31, 2020, Peter L. Dalrymple, a member of our board of directors, paid-off in full the outstanding balance of a term loan we had with Wells Fargo Bank, N.A. As consideration for Mr. Dalrymple paying off the term loan on our behalf, we issued Mr. Dalrymple a $610,000 one-year secured promissory note. The secured promissory note bears interest of 6% per year with monthly payments of interest only due until maturity, when all unpaid interest and principal is due. This note is collateralized by all our accounts receivable and a pledge of the stock of our wholly owned subsidiary, Quad Video Halo, Inc. The secured promissory note balance was $470,000 and $490,000 at March 31, 2021 and December 31, 2020, respectively.


During the three months ended March 31, 2021, the Company recorded $6,765 in interest expense on the Dalrymple note, representing all interest due through that date.