Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Summary of significant accounting policies: Paycheck Protection Program loans (Policies)

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Note 2 - Summary of significant accounting policies: Paycheck Protection Program loans (Policies)
6 Months Ended
Jun. 30, 2020
Policies  
Paycheck Protection Program loans Paycheck Protection Program loans

 

The Company has recorded Paycheck Protection Program (“PPP”) loans as a liability in accordance with FASB ASC 470, “Debt” and has accrued interest through June 30, 2020. Proceeds from the loans will remain recorded as a liability until either (1) the loan is, in part or wholly, forgiven and the Company has been legally released, or (2) the Company pays off the loan. If the loan is, in part or wholly, forgiven the liability will be reduced and a gain on the extinguishment will be recognized. See Note 17.