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Debt and Other Financing Arrangements (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

Promissory note issued by a financial institution, bearing interest at 1.0%, interest and no principal payments.   The note matures April 30, 2022. Annualized interest is 1.0%. This is a U.S. Small Business Administration’s Paycheck Protection Program (the “PPP Loan”)

 

$

-

 

 

$

185,785

 

 

 

 

 

 

 

 

 

 

Financing agreement with FlatIron capital that is unsecured. Down payment of $20,746 was required upfront and equal installment payments of $19,251 to be made over a 10 month period. The note matures on May 1, 2021. Annualized interest is

5.95%

 

 

-

 

 

 

96,257

 

 

 

 

 

 

 

 

 

 

Financing agreement with FlatIron capital that is unsecured. Down payment of $36,255 was required upfront and equal installment payments of $19,114 to be made over a 10 month period. The note matures on May 1, 2022. Annualized interest is 3.95%

 

 

114,688

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

$

114,688

 

 

$

282,042

 

  

Schedule of Principal Payments of Debt

Minimum required principal payments on the Company’s debt as of December 31, 2021 are as follows :

 

Years Ending

 

 

 

 

December 31,

 

 

 

 

2022

 

 

 

$             114,688

 

 

 

 

$             114,688