Loans

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Loans

NOTE 7 – Loans

Line of Credit

On June 19, 2019, the Company signed a line of credit agreement in the amount of $785,000 with Bank of America. The line of credit matures on June 18, 2024 and bears interest at a rate of 8.11% per annum.

As of December 31, 2021 and 2020, the outstanding balance under the Bank of America line of credit was $-0- and $-0-, respectively. Also, the Company has accrued interest expense $-0- and $27,996 as of December 31, 2021 and 2020 , respectively. Accrued interest expense has been recorded in the accrued expenses on the balance sheet.

PPP Loan

On April 3, 2020, to supplement its cash balance, the Company submitted its application for a Paycheck Protection Program (“PPP”) loan (the “SBA Loan”) sponsored by the U.S. Small Business Administration in the amount of $27,012. On April 7, 2020, Company’s SBA Loan application was approved, and the Company received loan proceeds on April 8, 2020. The SBA loan has an interest rate of 0.98% and matures on April 6, 2022.

The current and the long-term portions of the PPP loan balance at December 31, 2021 were $0 and $0, respectively. The current and the long-term portions of the PPP loan balance at December 31, 2020 were $20,958 and $6,054, respectively.

Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the PPP. The PPP and loan forgiveness are intended to provide economic relief to small businesses, such as the Company, that are adversely impacted under the COVID-19 Emergency Declaration issued by then-President Donald J. Trump on March 13, 2020. The Company’s PPP loan was forgiven on May 6, 2021 and the PPP loan has been recorded in the other income on the statement of operations and comprehensive loss.