Quarterly report pursuant to Section 13 or 15(d)

Note Payable

v3.20.2
Note Payable
3 Months Ended
Mar. 31, 2020
Note Payable  
Note 7 - Note payable

On February 25, 2020, and pursuant to a Business Loan Agreement entered into with a banking institution, the Company’s wholly owned subsidiary, MES, Inc. closed on a one-year secured loan in the principal amount of $200,000 bearing interest at 8.75% per annum. Principal and interest is to be paid in equal monthly installments until the loan is paid in full on February 26, 2021. The note is secured by substantially all of the assets of MES, Inc. Interest expense for the three months ended March 31, 2020 was $1,410.