XML 71 R58.htm IDEA: XBRL DOCUMENT v3.22.1
Bank Debt (Details)
3 Months Ended 12 Months Ended
Mar. 31, 2030
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
Bank Debt (Details) [Line Items]          
Minimum debt service coverage ratio     1.35    
Outstanding amount of loan     $ 1,000,000    
Gorham Savings Bank [Member]          
Bank Debt (Details) [Line Items]          
Debt financing         $ 8,600,000
Line of credit         $ 1,000,000
Escrow account     1,400,000    
Loan #6 [Member] | Gorham Savings Bank [Member]          
Bank Debt (Details) [Line Items]          
Escrow account     $ 5,100,000    
Fixed interest rate     3.50%    
Interest payments, term     10    
Loan amortization, term     25 years    
Loan #6 [Member] | Maine Technology Institute [Member]          
Bank Debt (Details) [Line Items]          
Debt financing     $ 1,400,000    
Proceeds from issuance of loan     $ 624,167    
Loan to value ratio     80.00%    
Loan #7 [Member] | Gorham Savings Bank [Member]          
Bank Debt (Details) [Line Items]          
Debt financing $ 3,500,000        
Fixed interest rate     3.50%    
Loan amortization, term     7 years    
Variable interest rate with LIBOR, description     The line of credit is available as needed through March 11, 2024. Interest on borrowings against the line of credit is variable at the National Prime Rate plus 0.00% per annum. There was no outstanding balance under this line of credit as of December 31, 2021 or 2020.    
Debt issue costs     $ 39,789    
Loans #10 [Member] | Gorham Savings Bank [Member]          
Bank Debt (Details) [Line Items]          
Debt financing       $ 1,500,000  
Fixed interest rate       3.50%  
Loan amortization, term       7 years  
Debt issue costs     $ 11,075    
Loan #8 [Member] | Paycheck Protection Program [Member]          
Bank Debt (Details) [Line Items]          
Variable interest rate with LIBOR, description   We used the proceeds only for eligible payroll costs incurred and paid during the 24-week period beginning April 13, 2020.      
Proceeds from issuance of loan   $ 937,700      
Loan #9 [Member] | Maine Technology Institute [Member]          
Bank Debt (Details) [Line Items]          
Variable interest rate with LIBOR, description   The first 27 months of this loan are interest-free with no interest accrual or required principal payments. Principal and interest payments at a fixed rate of 5% per annum are due quarterly over the final five years of the loan, beginning during the fourth quarter of 2022 and continuing through the third quarter of 2027. On June 30, 2021, we executed definitive agreements covering a second loan from the MTI (Loan #11) in the aggregate principal amount of $400,000, which proceeds were received in July 2021. The first 24 months of this loan are interest-free with no interest accrual or required principal payments. Beginning in July 2023, principal and interest payments are due quarterly at a fixed rate of 5% per annum based on a 5.5-year amortization schedule until December 2028.These credit facilities are unsecured and subordinated to our indebtedness to Gorham Savings Bank, which senior indebtedness is secured by mortgages and security interests with respect to substantially all of our assets. Failure to make timely payments of principal and interest, or otherwise to comply with the terms of the agreements with the MTI, would entitle the MTI to accelerate the maturity of such debt and demand repayment in full. These loans may be prepaid without penalty at any time.      
Proceeds from issuance of loan   $ 500,000      
Forecast [Member] | Loan #6 [Member] | Gorham Savings Bank [Member]          
Bank Debt (Details) [Line Items]          
Balloon principal payment $ 3,145,888        
Forecast [Member] | Loan #6 [Member] | Mortgage Note [Member]          
Bank Debt (Details) [Line Items]          
Balloon principal payment $3,145,888