Note 5 - Notes Payable |
9 Months Ended |
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Sep. 30, 2022 | |
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| Debt Disclosure [Text Block] |
NOTE 5 – NOTES PAYABLE
In September 2021, the Company received a financing loan for its Directors and Officers Insurance (“D&O”). The loan bears interest at 4.4% and required monthly payments through June 2022. The Company paid the $53,822 balance as of December 31, 2021 off before the maturity date in June 2022.
In September 2022, the Company received a second financing loan for its Directors and Officers Insurance. The loan bears interest at 5.82% and requires monthly payments through June, 2023. During the three and nine months ending September 30, 2022, the Company paid approximately $756 in interest on the loan. The outstanding balance of the loan is $92,334 as of September 30, 2022.
See Note 7 - Related Party Transactions for loans to STCB from the Company's CEO.
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- 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
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- References No definition available.
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