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NOTES RECEIVABLE
9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
NOTES RECEIVABLE

3 - NOTES RECEIVABLE

 

Effective October 1, 2019, the Company sold its dental center in Utah to an entity controlled by the spouse of an employee for total consideration of $1,225,000. Consideration included cash of $250,000 and a promissory note of $975,000. The note has a stated interest rate of 6%, based on market rates. Payments to the Company under the promissory note commenced November 1, 2019 and continue on the first day of each month thereafter for sixty months. On October 1, 2024 the entire amount of the remaining principal and interest on the note shall be payable by the purchaser to the Company. Company recorded a discount on the note receivable of approximately $100,000 that is being amortized monthly over a five-year period.