Quarterly report pursuant to Section 13 or 15(d)

Notes Payable ??? Related Party

v3.22.2.2
Notes Payable – Related Party
6 Months Ended
Jun. 30, 2022
Notes Payable – Related Party [Abstract]  
NOTES PAYABLE – RELATED PARTY

NOTE 13 – NOTES PAYABLE – RELATED PARTY

 

As part of the October 1, 2021 merger with Piezo Motion Corp. and BRSF Acquisition Corp., the Company assumed $155,530 of related party loans from entities related to the former executives and directors of the Company. When assumed, these loans did not bear interest and had a maturity date of December 31, 2021. On March 9, 2022, the loans were amended to provide for an interest rate of 9% per annum, and to extend the maturity dates to provide for payments of $53,000 with accrued interest on March 31, 2022 and June 1, 2022, and a payment of $49,000 plus accrued interest on August 1, 2022. On May 6, 2022 the payment terms were further amended to payments of $53,000 with accrued interest on May 31, 2022 and August 1, 2022, and a payment of $49,000 plus accrued interest on October 1, 2022. During the three months ended June 30, 2022, the Company repaid $53,000 of the outstanding principal and the balance at June 30, 2022 was $102,530.