Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total notes payable $ 150,000 $ 1,458,000
Non-current (150,000) (1,458,000)
Note A [Member]    
Debt Instrument [Line Items]    
Issuance Date [1] Apr. 17, 2020  
Maturity Date [1] Apr. 17, 2022  
Interest Rate [1] 1.00%  
Total notes payable [1] 1,218,000
Note B [Member]    
Debt Instrument [Line Items]    
Issuance Date [2] May 15, 2020  
Maturity Date [2] May 15, 2050  
Interest Rate [2] 3.75%  
Total notes payable [2] $ 150,000 150,000
Note C [Member]    
Debt Instrument [Line Items]    
Issuance Date [3] May 01, 2020  
Maturity Date [3] May 01, 2022  
Interest Rate [3] 3.75%  
Total notes payable [3] $ 90,000
[1] On April 17, 2020, the Company received loan proceeds in the amount of $1,218,000 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after the earlier of (i) 24 weeks after the loan disbursement date and (ii) December 31, 2020 as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels.
[2] On May 15, 2020, the Company executed an unsecured loan with the U.S. Small Business Administration (SBA) under the Economic Injury Disaster Loan program in the amount of $150,000. The loan is secured by all tangible and intangible assets of the Company and payable over 30 years at an interest rate of 3.75% per annum. Installment payments, including principal and interest, begin on May 15, 2021.
[3] As a result of the acquisition of Solofire in September 2020, the Company assumed Solofire’s PPP loan of $90,000 it obtained in May 2020 under the PPP (see discussion “A”).