Note 6 – Paycheck Protection Program Loan

In May 2020, we entered into a $162,459 Paycheck Protection Promissory Note (the “PPP Loan”) with the Bank of America. The PPP Loan was made under, and is subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The original terms of the loan was two years with a maturity date of May 5, 2022 and it contained a favorable fixed annual interest rate of 1.00%. Payments of principal and interest on the PPP Loan were deferred for the first six months of the term of the PPP Loan until November 5, 2020. We used the proceeds of our PPP Loan for payroll costs. On January 18, 2021, we applied for full forgiveness of the loan and in August 2021, we received notice from the Small Business Administration that our loan had been forgiven.