XML 32 R11.htm IDEA: XBRL DOCUMENT v3.19.3
5. Note Receivable - Related Party
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Note Receivable - Related party

NOTE 5. NOTE RECEIVABLE – RELATED PARTY

 

On June 1, the Company sold two racecars to a related party for a $50,000 note receivable, resulting in a gain of $20,000. The interest rate on the note is 1% per annum and payments of $1,000 per month began August 2019 and increase to $4,778 per month in March 2020, with a final payment of $525 in December 2020.