Quarterly report pursuant to Section 13 or 15(d)

3. Note Payable

3. Note Payable
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Note Payable



In June 2020, the Company entered into an unsecured insurance financing arrangement for a value of $10,416, bearing interest at 12.35%. The Company made a down payment of $2,933 and is obligated to make monthly payments of $876 through March 2021. The outstanding balance of this agreement was $7,493 as of June 30, 2020.


Effective June 10, 2020, the Company received $68,300 under the United States Small Business disaster loan program. The loan bears interest at 3.75%, and the Company is required to begin making monthly payments of $334 in June 2021 for a period of 30 years. The loan grants the SBA a security interest in all assets of the Company. The Company also received a $2,000 assistant grant, which is included in other income on the Company’s statements of operations.