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PROMISSORY NOTE FROM MAAB
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
PROMISSORY NOTE FROM MAAB

NOTE 8 – PROMISSORY NOTE FROM MAAB

 

On March 14, 2018, MAAB, the parent of Astro, issued a Promissory Note for monetary advances to the Company of up to $750,000. The Promissory Note originally matured on February 28, 2021. On April 22, 2020, the MAAB Note Payable was amended to increase the maximum outstanding principal balance to $1,250,000 and the maturity was extended to February 28, 2022.  The Promissory Note has an interest charge of 10%, compounded monthly. Interest accrues on the principal amount or portion thereof which remains unpaid from time to time as well as any interest outstanding, from the date the principal amount is advanced until and including the date upon which the principal amount and all interest due under this promissory note shall be fully paid. The principal amount advanced under the Promissory Note was $1,049,277 and $750,017 at September 30, 2020 and December 31, 2019, respectively. The Company has accrued interest expense of $160,833 and $89,797 at September 30, 2020 and December 31, 2019, respectively.