Promissory Note

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Promissory Note

Note 8 – Promissory Note

On May 6, 2020, the Company received a loan in the amount of $107,439 from the Small Business Administration (SBA) as part of Coronavirus Aid, Relief and Economic Security Act’s Paycheck Protection Plan (PPP). The loan is unsecured, nonrecourse, accrues interest at one percent per annum, with a due date of May 6, 2022. Under the terms of the loan, a portion or all of the loan is forgivable to the extent that the loan proceeds are used to fund qualifying payroll, rent and utilities during a designated twenty-four-week period through October 21, 2020.

The unforgiveable portion of the PPP loan was payable over two years and could be extended to five years if agreed upon by both parties and bears interest at a rate of 1%, with a deferral of payments for the first six months. The Company intended to use the proceeds for purposes consistent with the PPP. On May 16, 2021, the outstanding principal and interest accrued on the PPP Term Note were fully forgiven. The Company recognized $108,532 in gain on the forgiveness of the PPP Term Note including interest accrued, which was recorded in other (expense) income on the condensed interim consolidated statements of operations.