NOTES RECEIVABLE AND OTHER INCOME |
9 Months Ended | ||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||
| NOTES RECEIVABLE AND OTHER INCOME [Abstract] | |||||||||||||||||||
| NOTES RECEIVABLE AND OTHER INCOME |
Note 6. NOTES RECEIVABLE AND OTHER INCOME
On September 6, 2018, the Company entered into a secured, 36-month promissory note (the “Note”) with VPR Brands L.P. for $582,260. The Note bears an interest rate of 7.00%, which payments thereunder are $4,141 weekly.
The Company records all proceeds related to the interest of the Note as interest income as proceeds are received.
On August 31, 2022, the Company amended and restated the Secured Promissory Note (the
"Amended Note") with VPR Brands L.P. to extend the maturity date for one year. The
outstanding balance for the Amended Note is $211,355. The
Amended Note bears an interest rate of 7.00%, which
payments thereunder are $1,500 weekly, with such payments
commencing as of September 3, 2022. The Amended Note has a balloon payment of $145,931 for all remaining accrued interest and principal balance due in the final week of the 1-year extension of the Amended Note.
A summary of the Amended Note as of September 30, 2022 and December 31, 2021 is presented
below:
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