Note 3 - Note Receivable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note

3.

Note Receivable

C2Go

Note Receivable

Under a loan and security agreement dated

February 2, 2016,

we loaned the principal amount of

$200,000

to

C2Go,

Inc. with an interest rate of

10%

per annum for a term of

18

months. The loan was secured by a

first

lien on all assets of

C2Go.

C2Go

defaulted under the note by failing to repay the loan plus interest on

August 2, 2017.

On

December 7, 2017,

we entered into a note purchase and settlement agreement with

C2Go

and Mercury Investment Partners LLC. 

There are

no

assurances that we will be able to recover the remaining

$145,000

principal and there are

no

assurances there will be any assets for us to recover from its lien on all the assets of

C2Go

if payment in full of the obligation is

not

made. The loss reserve on the note receivable as of

December 31, 2020

and

2019

, was

$145,000

 reflecting a "more likely than

not"

recognition threshold.