Annual report pursuant to Section 13 and 15(d)

Note 16 - Term Loan

v3.21.1
Note 16 - Term Loan
12 Months Ended
Dec. 31, 2020
Notes  
Note 16 - Term Loan

Note 16 – Term Loan

 

Term debt as of December 31, 2020 and 2019 consists of the following:

 

 

 

2020

 

2019

Loan through American Express National Bank, AENB, interest at 8.99% per annum, monthly principal and interest payments of $2,284, maturing December 2020.

$

-

$

24,017

 

 

 

 

 

Bank of America auto loan, interest at 2.37% per annum, monthly principal and interest payments of $1,448, maturing December 2025, collateralized by vehicle.

 

81,812

 

-

 

 

 

 

 

Total notes payable

 

81,812

 

24,017

Less: Current maturities

 

(15,566)

 

(24,017)

 

 

 

 

 

 

$

66,246

$

-