NOTES PAYABLE |
3 Months Ended |
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Mar. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
In September 2021, the Company received a financing loan for its Directors and Officers Insurance (“D&O Loan #1”). The D&O Loan #1 bears interest at 4.4% and required monthly payments through June 2022. In 2022, the Company paid off the $53,822 principal balance as of December 31, 2021 prior to the maturity date in June 2022.
In September 2022, the Company received a second financing loan for its Directors and Officers Insurance (“D&O Loan #2”, collectively with D&O Loan #1 the “D&O Loans”). The D&O Loan #2 bears interest at 5.82% and requires monthly payments through June, 2023. The outstanding balance of the loan is $57,709 as of March 31, 2023.
For the three months ended March 31, 2023 and 2022 the D&O Loans incurred approximately $2,327 and $2,000, respectively, of interest expense.
See Note 8 - Related Party Transactions for loans to STCB from the Company’s CEO.
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- References No definition available.
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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://www.xbrl.org/2003/role/disclosureRef
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