Annual report pursuant to Section 13 and 15(d)

Note 2 - Summary of significant accounting policies: Investment in account receivable, net of discount (Policies)

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Note 2 - Summary of significant accounting policies: Investment in account receivable, net of discount (Policies)
12 Months Ended
Dec. 31, 2020
Policies  
Investment in account receivable, net of discount

Investment in account receivable, net of discount

 

The Company’s investment in account receivable is stated at face value, net of unamortized purchase discount. The discount is amortized to interest income over the term of the exchange agreement. In the fourth quarter of 2020, we were notified that due to the effect of COVID-19 on the estimated receivable, we may not receive the 2020 installment payment or the full 2021 installment. Based on management’s collection estimates, we recorded an impairment of $139,148 on the investment in account receivable at December 31, 2020 which is reflected in other income on the consolidated income statement. See Note 4.