Note 4 - Notes Payable |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Notes to Financial Statements | |
| Debt Disclosure [Text Block] |
NOTE 4 – NOTES PAYABLE
The Company had a financing loan for its Directors and Officers Insurance (“D&O”) in that was repaid in July 2020. In September 2021 the Company incurred a new D&O loan. The new loan bears interest at 4.4% and requires monthly payments through June 2022. As of December 31, 2021 and 2020, the Company had D&O loan balances of $53,822 and $0, respectively.
During the fourth quarter of 2018, a third party loaned the Company $3,300 to pay for general operating expenses. The loan was unsecured, non-interest bearing and due on demand. This loan was forgiven year in the ended December 31, 2020 and a gain on the forgiveness of debt was recognized.
See Note 7 Related Party Transactions for loans to STCB from the Company's CEO. |
| X | ||||||||||
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|