Notes Payable	6 Months Ended
Jun. 30, 2021
Notes Payable
Note 7. Notes Payable	Note 7. Notes Payable Paycheck Protection Program Loans On January 25, 2021, the Company received $122,340 in a loan borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the Small Business Administration (“SBA”), which we expect to be forgiven in part or in full, subject to our compliance with the conditions of the Paycheck Protection Program. If not forgiven, the terms on the note provide for interest at 1% per year and the note mature in 24 months, with 18 monthly payments of $8,146 beginning after the initial 6 month deferral period for payments. On April 29, 2020, the Company received $144,750 in a loan borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the Small Business Administration (“SBA”), which we expect to be forgiven in part or in full, subject to our compliance with the conditions of the Paycheck Protection Program. If not forgiven, the terms on the note provide for interest at 1% per year and the note mature in 24 months, with 18 monthly payments of $8,146 beginning after the initial 6 month deferral period for payments. This loan was subsequently forgiven in full on August 29, 2021. Small Business Administration Loan On June 12, 2020, the Company received $150,000 in a loan borrowed from the SBA. Installment payments, including principal and interest, of $731 monthly, will begin 12 months from the date of the note. The balance of principal and interest will mature 30 years from the date of the note. Interest will accrue at the rate of 3.75% per year. On March 16, 2021, the U.S. Small Business Administration announced that the deferment period for the repayment would be extended an additional 12 months. Secured Promissory Note On December 15, 2020, the Company received $26,200 pursuant to a secured promissory note. The note bore interest at 10% per year and matured on March 20, 2021. The note provided for a minimum payment of $2,000 for fees and expenses incurred by the lender. The note was secured by the Company’s receivables, inventory and interest in a certain purchase order issued to the Company by a customer. The note was repaid in 2021. JMS Investments Between April of 2021 and June 30, 2021, JMS Investments of Staten Island, NY, USA invested $313,000 in seven separate transactions and between July 1, 2021 and October 10, 2021 JMS invested an additional $193,000 in two separate transactions. JMS’s investment total stands at $506,000 made in nine separate transactions. The sums are repayable in the form of one-year demand notes having an interest rate of 8.5%.

Notes Payable

6 Months Ended

Jun. 30, 2021

Note 7. Notes Payable

Paycheck Protection Program Loans

On January 25, 2021, the Company received $122,340 in a loan borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the Small Business Administration (“SBA”), which we expect to be forgiven in part or in full, subject to our compliance with the conditions of the Paycheck Protection Program. If not forgiven, the terms on the note provide for interest at 1% per year and the note mature in 24 months, with 18 monthly payments of $8,146 beginning after the initial 6 month deferral period for payments.

On April 29, 2020, the Company received $144,750 in a loan borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the Small Business Administration (“SBA”), which we expect to be forgiven in part or in full, subject to our compliance with the conditions of the Paycheck Protection Program. If not forgiven, the terms on the note provide for interest at 1% per year and the note mature in 24 months, with 18 monthly payments of $8,146 beginning after the initial 6 month deferral period for payments. This loan was subsequently forgiven in full on August 29, 2021.

Small Business Administration Loan

On June 12, 2020, the Company received $150,000 in a loan borrowed from the SBA. Installment payments, including principal and interest, of $731 monthly, will begin 12 months from the date of the note. The balance of principal and interest will mature 30 years from the date of the note. Interest will accrue at the rate of 3.75% per year. On March 16, 2021, the U.S. Small Business Administration announced that the deferment period for the repayment would be extended an additional 12 months.

Secured Promissory Note

On December 15, 2020, the Company received $26,200 pursuant to a secured promissory note. The note bore interest at 10% per year and matured on March 20, 2021. The note provided for a minimum payment of $2,000 for fees and expenses incurred by the lender. The note was secured by the Company’s receivables, inventory and interest in a certain purchase order issued to the Company by a customer. The note was repaid in 2021.

JMS Investments

Between April of 2021 and June 30, 2021, JMS Investments of Staten Island, NY, USA invested $313,000 in seven separate transactions and between July 1, 2021 and October 10, 2021 JMS invested an additional $193,000 in two separate transactions. JMS’s investment total stands at $506,000 made in nine separate transactions. The sums are repayable in the form of one-year demand notes having an interest rate of 8.5%.