SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

NOTE 3 SHORT-TERM AND LONG-TERM DEBT

The short-term debt balances were as follows:

	March 31, 2022 (Unaudited)		December 31, 2021
Debenture agreements with a shareholder at 10% interest rate beginning in February 2019 - December 2019, one year maturity, were due February 2020 – December 2020, principal and interest convertible at $2.80 per share into common stock at the option of the holder until repaid. All principal and accrued interest converted during 2021 except one remaining $50,000 debenture and accrued interest of $12,079.	$	50,000	$	50,000
Loan Agreement with Shanghai Bank at 2.68% interest rate per annum due January 2023.		69,850
Loan agreement with Hua Nam bank at 2,42% interest rate per annum due September 2022.		104,789
Balance at end of period	$	224,648	$	50,000

Long-term debt balances were as follows:

	March 31, 2022 (Unaudited)			December 31. 2021
Loans from Shanghai Bank with interest rates 1.00% - 1.5% per annum due February 2024 – November 2026		415,275			469,087
Current Portion of Long-term debt		(116,432	)		(120,284	)
Balance at end of period	$	298,843		$	338,803