Note 8 - Notes Payable |
3 Months Ended | ||
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Mar. 31, 2022 | |||
| Notes to Financial Statements | |||
| Debt Disclosure [Text Block] |
IPFS Corporation
In November 2020, we prepaid $442,041 of insurance premiums through the issuance of a note payable to IPFS Corporation (“IPFS”) with an interest rate of 3.5%. The note was payable in seven monthly installments of $63,888, with the final payment made in June 2021. In November 2021, we prepaid $565,760 of insurance premiums through the issuance of a note payable to IPFS with an interest rate of 4.36%. The note is payable in five monthly installments of $114,388, with the final payment due in April 2022.
Interest expense related to the IPFS notes payable totaled $3,712 and $2,770 during the three-month periods ended March 31, 2022 and 2021, respectively. The balance of the IPFS note was $113,974 as of March 31, 2022, and was included in notes payable, current in the condensed consolidated balance sheets. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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