GOVERNMENT DEBT

6 Months Ended

Jun. 30, 2022

Government Debt

GOVERNMENT DEBT

NOTE 6 – GOVERNMENT DEBT

Economic Injury Disaster Loan

On June 2, 2020, the Company executed a secured loan with the U.S. Small Business Administration (SBA) under the Economic Injury Disaster Loan program in the amount of $150,000. The loan is secured by all tangible and intangible assets of the Company and payable over 30 years at an interest rate of 3.75 % per annum. Installment payments, including principal and interest, totaling $731.00 monthly, will begin thirty (30) months from the date of the Note, with first payments applied to accumulated accrued interest. As part of the loan, the Company also received an advance of $10,000 from the SBA. While the SBA refers to this program as an advance, it was written into law as a grant. This means that the amount given through this program does not need to be repaid.

Future maturities of government debt are as follows:

Period Ending June 30,
2022	$	–
2023		–
2024		–
2025		–
Thereafter		150,000
Total Principal Payments	$	150,000