Electronic Systems Technology (ELST) 10-Q 23 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 19, 2021
Details
Registrant CIK	0000752294
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity Registrant Name	ELECTRONIC SYSTEMS TECHNOLOGY INC
Entity Incorporation, State or Country Code	WA
Entity File Number	000-27793
Entity Tax Identification Number	91-1238077
Entity Address, Address Line One	415 N. Roosevelt St. STE B1
Entity Address, City or Town	Kennewick
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99336
City Area Code	509
Local Phone Number	735-9092
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,946,502
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Electronic Systems Technology,

Electronic Systems Technology, Inc. Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 794,734	$ 308,110
Certificates of deposit	250,000	499,999
Accounts receivable, net	322,394	288,884
Inventories	557,228	631,707
Prepaid expenses	19,349	28,087
Accrued interest receivable	440	4,659
Total current assets	1,944,145	1,761,446
Property and equipment, net of depreciation	4,157	5,445
Right to use - Lease, net of amortization	56,366	65,230
Total assets	2,004,668	1,832,121
Current liabilities
Accounts payable	39,414	21,113
Accrued wages and bonus	23,423	2,699
Lease liability, current portion	37,688	36,753
Accrued vacation pay	21,476	17,631
Other accrued liabilities	10,165	6,720
Total current liabilities	132,166	84,916
Long-term liabilities
CARES Act loan payable	301,967	171,712
Lease liability	18,995	28,635
Total liabilities	320,962	200,347
Total liabilities	453,128	285,263
Stockholders' equity
Common stock, $0.001 par value 50,000,000 shares authorized 4,946,502 and 4,946,502 shares issued and outstanding respectively	4,947	4,947
Additional paid-in capital	931,442	931,442
Retained earnings	615,151	610,469
Total liabilities and stockholders' equity	2,004,668	1,832,121
Total stockholders' equity	$ 1,551,540	$ 1,546,858

Electronic Systems Technology_2

Electronic Systems Technology, Inc. Balance Sheets (Unaudited) - Parenthetical - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Details
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Outstanding	4,946,502	4,946,502
Common Stock, Shares, Issued	4,946,502	4,946,502

Electronic Systems Technology_3

Electronic Systems Technology, Inc. Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Details
SALES - NET	$ 424,775	$ 273,968
Cost of sales	180,536	149,231
GROSS PROFIT	244,239	124,737
OPERATING EXPENSES
General and administrative	93,503	95,713
Research and development	52,700	54,897
Marketing and sales	94,215	87,896
Total Operating Expense	240,418	238,506
Operating Income (Loss)	3,821	(113,769)
Other income
Interest income	861	3,463
Total other income	861	3,463
NET INCOME (LOSS) BEFORE INCOME TAX	4,682	(110,306)
Benefit (provision) for income tax	0	0
Net Income (Loss)	$ 4,682	$ (110,306)
Earnings (loss) per share - basic and diluted	$ 0	$ (0.02)
Weighted average shares - basic and diluted	4,946,502	4,946,502

ELECTRONIC SYSTEMS TECHNOLOGY_4

ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity balance at Dec. 31, 2019	$ 4,947	$ 929,159	$ 813,188	$ 1,747,294
Shares outstanding at Dec. 31, 2019	4,946,502
Net income (loss)	$ 0	0	(110,306)	(110,306)
Stock based compensation		2,282	0	2,282
Equity balance at Mar. 31, 2020	$ 4,947	931,441	702,882	1,639,270
Shares outstanding at Mar. 31, 2020	4,946,502
Equity balance at Dec. 31, 2020	$ 4,947	931,442	610,469	1,546,858
Shares outstanding at Dec. 31, 2020	4,946,502
Net income (loss)	$ 0	0	4,682	4,682
Stock based compensation				0
Equity balance at Mar. 31, 2021	$ 4,947	$ 931,442	$ 615,151	$ 1,551,540
Shares outstanding at Mar. 31, 2021	4,946,502

ELECTRONIC SYSTEMS TECHNOLOGY_5

ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ 4,682	$ (110,306)
Noncash items included in net income (loss)
Depreciation	1,288	1,738
Share based compensation	0	2,282
Changes in operating assets and liabilities:
Accounts receivable, net	(33,510)	62
Inventories	74,479	52,272
Accrued interest receivable	4,219	4,350
Prepaid expenses	8,738	(1,085)
Accounts payable	18,301	(88,989)
Other accrued liabilities	28,173	12,645
NET CASH PROVIDED (USED) IN OPERATING ACTIVITIES	106,370	(127,031)
CASH FLOWS FROM INVESTING ACTIVITIES:
Certificates of deposit redeemed	249,999	150,001
NET CASH PROVIDED FROM INVESTING ACTIVITIES	249,999	150,001
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from CARES Act loan payable	130,255	0
NET CASH USED IN FINANCING ACTIVITIES	130,255	0
NET INCREASE IN CASH AND CASH EQUIVALENTS	486,624	22,970
Cash and cash equivalents at beginning of period	308,110	274,936
Cash and cash equivalents at end of period	$ 794,734	$ 297,906

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Notes
Note 1 - Basis of Presentation	NOTE 1 - BASIS OF PRESENTATION The financial statements, including notes, of Electronic Systems Technology, Inc. (the "Company") are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2021, and its results of operations, cash flows, and changes in stockholders’ equity for the three months ended March 31, 2021 and 2020. The balance sheet at December 31, 2020 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. For further information, refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three-month period ended March 31, 2021 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. The Company estimates that for 2021 the anticipated effective annual federal income tax rate will be 0%. New Accounting Pronouncements Accounting standards that have been issued by the Financial Accounting Standards Board that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Note 2 - Inventories

Note 2 - Inventories	3 Months Ended
	Mar. 31, 2021
Notes
Note 2 - Inventories	NOTE 2 - INVENTORIES Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO (first in, first out) method. Inventories consist of the following: March 31, 2021 December 31, 2020 Parts $ 89,808 $ 99,303 Work in progress 259,104 275,230 Finished goods 208,316 257,174 Total inventory $ 557,228 631,707

Note 3 - Earnings (Loss) Per Sh

Note 3 - Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Notes
Note 3 - Earnings (Loss) Per Share	NOTE 3 - EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. At March 31, 2021 and 2020, the Company had 180,000 outstanding stock options, respectively, that could have a dilutive effect on future periods’ net income. The stock options were not included in the calculation of diluted earnings per share for either period as they were anti-dilutive.

Note 4 - Stock Options

Note 4 - Stock Options	3 Months Ended
	Mar. 31, 2021
Notes
Note 4 - Stock Options	NOTE 4 - STOCK OPTIONS The Company has outstanding stock options, which have been granted periodically to individual employees and directors with no less than three years of continuous tenure with the Company. On March 13, 2020, the Board of Directors canceled all 120,000 outstanding stock options that were granted on August 7, 2017 and due to expire on August 6, 2020. In addition, on that date, the Board of Directors granted 180,000 options to employees. The new options have an exercise price of $0.40, a term of 5 years, and vest immediately. The fair value of the options was determined using the Black-Scholes model using the following variables: stock price of $0.40, volatility of 79.27%, expected term of 5 years with a forfeiture rate of 95%, and a discount factor of 0.72%. Share based compensation of $2,282 was recognized during the three month period ended March 31, 2020. As of March 31, 2021, there were 180,000 options outstanding with a weighted average exercise price of $0.40 per share, a weighted average remaining life of 4 years and no intrinsic value.

Note 5 - Revenue

Note 5 - Revenue	3 Months Ended
	Mar. 31, 2021
Notes
Note 5 - Revenue	NOTE 5 – REVENUE The Company product revenue includes industrial wireless products and accessories such as antennas, power supplies and cable assemblies. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. During the three month period ended March 31, 2021 and 2020, the Company’s revenue from products sales was $421,675 and $252,968, respectively. Revenue from site support and engineering services was $3,100 and $21,000 respectively, over the same periods. The Company’s customers, to which trade credit terms are extended, consist of United States and local governments and foreign and domestic companies. Domestic sales for the three month period ended March 31, 2021 and March 31, 2020 were $362,115 and $241,975, respectively. Sales to foreign customers for the three month period ended March 31, 2021 and March 31, 2020 were $62,660 and $31,993, respectively. For the three month period ended March 31, 2021 and 2020, sales to three customers representing more than 10% of total revenue were as follows: For the three month period ended March 31, 2021 2020 Sales %age of Total Sales Sales %age of Total Sales Domestic customer A $ 71,038 17% $29,900 11% Domestic customer B 52,851 12% 29,805 11% Domestic customer D 51,368 12% - - Foreign customer C - - 31,993 12% As of March 31, 2021 and 2020, the Company had a sales order backlog of $91,064 and $5,028, respectively.

Note 6 - Leases

Note 6 - Leases	3 Months Ended
	Mar. 31, 2021
Notes
Note 6 - Leases	NOTE 6 - LEASES On September 23, 2020, the Company signed a new two-year lease for its facilities. The base lease is $3,162 and $3,267 per month for years one and two, respectively. There is a leasehold tax applied to the base lease at 12.84%. The Company has the right to terminate the lease with 90 days’ notice. There is no renewal clause contained in the current lease. Upon signing the lease, the Company recognized a lease liability and right of use asset of $74,005 based on the two-year payment stream discounted using an estimated incremental borrowing rate of 4.0%. At March 31, 2021, the remaining lease term is eighteen months. Prior to the new lease in September 23, 2020, the Company’s lease for its facilities was for $5,639 per month. For the three month periods ended March 31, 2021 and 2020, lease expense of $10,862 and $16,918, respectively, are included in the following expense classifications on the statements of operations: 2021 2020 Cost of sales Operating expenses Total Cost of sales Operating expenses Total Base rent pursuant to lease agreement $ 5,396 $ 4,247 $ 9,643 $ 2,998 $ 11,995 $ 14,993 Variable lease costs 682 536 1,218 385 1,540 1,925 Total lease costs $ 6,078 $ 4,783 $ 10,861 $ 3,383 $ 13,535 $ 16,918 As of March 31, 2021, total future lease payments are as follows: For the 12 months ended March 31, 2022 and 2023 2022 $ 38,576 2023 19,602 Total 58,181 Less imputed interest (1,498) Net lease liability 56,683 Current portion 37,688 Long-term portion $ 18,995

Note 7 - Stock Repurchase

Note 7 - Stock Repurchase	3 Months Ended
	Mar. 31, 2021
Notes
Note 7 - Stock Repurchase	NOTE 7 – STOCK REPURCHASE On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s Common Stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company’s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company’s Common Stock at the price of $0.38 per share. Under the program (the “Stock Repurchase Plan”), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shares repurchased are retired. During the three-month periods ended March 31, 2021 and 2020, no shares were repurchased. Since inception of the Stock Repurchase Plan, the Company has repurchased 212,165 shares for a total of $80,622 through March 31, 2021 and $169,378 of the original $250,000 approved by the board remains. On April 23, 2020, repurchases were suspended indefinitely.

Note 8 - Cares Act Loans Payabl

Note 8 - Cares Act Loans Payable	3 Months Ended
	Mar. 31, 2021
Notes
Note 8 - Cares Act Loans Payable	NOTE 8 – CARES ACT LOANS PAYABLE On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (the “CARES Act”) Act was signed into United States law. In April 2020, the Company received a loan of $171,712 pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I, Section 1102 and 1106 of the CARES Act. The loan, which was in the form of a promissory note, as amended, dated April 13, 2020 issued by the Company (the “Note”); the Note matures on April 13, 2022 and bears interest at a rate of 1% per annum. In February 2021, the Company received a second loan of $130,255 pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I, Section 1102 and 1106 of the CARES Act. The loan, which was in the form of a promissory note, as amended, dated February 21, 2021 issued by the Company (the “Note”); the Note matures on February 21, 2023 and bears interest at a rate of 1% per annum. The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. Qualifying expenses include payroll costs, costs used to continue group health care benefits, mortgage payments, rent, and utilities. As of March 31, 2021, the Company has used funds from the loan to pay qualifying expenses. The Company has applied for forgiveness of the first loan and is awaiting notification from the Small Business administration at which time a gain on forgiveness of debt of $171,712 will be recognized. As of March 31, 2021, $91,488 of the proceeds from the second loan have been used for purposes that are qualifying expenses. The Company intends to use the entire loan amount for qualifying expenses, but there is no guarantee that the loan will be forgiven.

Note 2 - Inventories_ Schedule

Note 2 - Inventories: Schedule of Inventory, Current (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Schedule of Inventory, Current	March 31, 2021 December 31, 2020 Parts $ 89,808 $ 99,303 Work in progress 259,104 275,230 Finished goods 208,316 257,174 Total inventory $ 557,228 631,707

Note 5 - Revenue_ Revenue from

Note 5 - Revenue: Revenue from External Customers by Products and Services (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Revenue from External Customers by Products and Services	For the three month period ended March 31, 2021 2020 Sales %age of Total Sales Sales %age of Total Sales Domestic customer A $ 71,038 17% $29,900 11% Domestic customer B 52,851 12% 29,805 11% Domestic customer D 51,368 12% - - Foreign customer C - - 31,993 12%

Note 6 - Leases_ Schedule of di

Note 6 - Leases: Schedule of distribution of lease expense (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Schedule of distribution of lease expense	2021 2020 Cost of sales Operating expenses Total Cost of sales Operating expenses Total Base rent pursuant to lease agreement $ 5,396 $ 4,247 $ 9,643 $ 2,998 $ 11,995 $ 14,993 Variable lease costs 682 536 1,218 385 1,540 1,925 Total lease costs $ 6,078 $ 4,783 $ 10,861 $ 3,383 $ 13,535 $ 16,918

Note 6 - Leases_ Future Less Pa

Note 6 - Leases: Future Less Payments (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Future Less Payments	For the 12 months ended March 31, 2022 and 2023 2022 $ 38,576 2023 19,602 Total 58,181 Less imputed interest (1,498) Net lease liability 56,683 Current portion 37,688 Long-term portion $ 18,995

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2021
Details
Accounting Standards Update and Change in Accounting Principle	Accounting standards that have been issued by the Financial Accounting Standards Board that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Note 2 - Inventories_ Schedul_2

Note 2 - Inventories: Schedule of Inventory, Current (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Details
Inventory, Parts and Components, Net of Reserves	$ 89,808	$ 99,303
Inventory, Work in Process, Gross	259,104	275,230
Inventory, Finished Goods, Gross	208,316	257,174
Inventories	$ 557,228	$ 631,707

Note 3 - Earnings (Loss) Per _2

Note 3 - Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Details
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	180,000	180,000

Note 4 - Stock Options (Details

Note 4 - Stock Options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Details
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	180,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.40
Sale of Stock, Price Per Share	$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	79.27%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method	5
Expected Forfeiture Rate	95.00%
Fair value assumptions discount rate	0.72%
Share based compensation	$ 0	$ 2,282
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	180,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.40

Note 5 - Revenue (Details)

Note 5 - Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information, Description of Products and Services	The Company product revenue includes industrial wireless products and accessories such as antennas, power supplies and cable assemblies. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products.
Product Sales	$ 421,675	$ 252,968
Site Support Sales	3,100	21,000
SALES - NET	424,775	273,968
Sales order backlog	91,064	5,028
Domestic
SALES - NET	362,115	241,975
Foreign
SALES - NET	$ 62,660	$ 31,993

Note 5 - Revenue_ Revenue fro_2

Note 5 - Revenue: Revenue from External Customers by Products and Services (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Domestic customer A
Sales to customers in excess of 10 percent	71,038	29,900
Customers in excess of 10 percent, portion of total sales	17.00%	11.00%
Domestic customer B
Sales to customers in excess of 10 percent	52,851	29,805
Customers in excess of 10 percent, portion of total sales	12.00%	11.00%
Domestic customer D
Sales to customers in excess of 10 percent	51,368	0
Customers in excess of 10 percent, portion of total sales	12.00%	0.00%
Foreign customer C
Sales to customers in excess of 10 percent	0	31,993
Customers in excess of 10 percent, portion of total sales	0.00%	12.00%

Note 6 - Leases (Details)

Note 6 - Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leasehold tax percentage	12.84%	12.84%
Leasehold tax	$ 74,005
Monthly rate year one
Operating Lease, Cost	3,162
Monthly rate year two
Operating Lease, Cost	3,267
Monthly rate of prior lease
Operating Lease, Cost	$ 5,639

Note 6 - Leases_ Schedule of _2

Note 6 - Leases: Schedule of distribution of lease expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost of sales
Base rent pursuant to lease agreement	$ 5,396	$ 2,998
Variable lease costs	682	385
Operating lease expense distributied	6,078	3,383
Operating expenses
Base rent pursuant to lease agreement	4,247	11,995
Variable lease costs	536	1,540
Operating lease expense distributied	4,783	13,535
Total
Base rent pursuant to lease agreement	9,643	14,993
Variable lease costs	1,218	1,925
Operating lease expense distributied	$ 10,861	$ 16,918

Note 6 - Leases_ Future Less _2

Note 6 - Leases: Future Less Payments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Details
Capital Leases, Future Minimum Payments Due in Two Years	$ 38,576
Capital Leases, Future Minimum Payments Due in Three Years	19,602
Capital Leases, Future Minimum Payments Due	58,181
Unrecorded Unconditional Purchase Obligation, Imputed Interest	(1,498)
Net Investment in Lease, Current	56,683
Lease liability, current portion	37,688	$ 36,753
Lease liability	$ 18,995	$ 28,635

Note 7 - Stock Repurchase (Deta

Note 7 - Stock Repurchase (Details) - USD ($)	3 Months Ended		63 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Jan. 13, 2016
Details
Stock repurchase program	On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s Common Stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares
Stock Repurchased During Period, Shares	0	0	212,165
Common stock repurchased	0	0	212,165
Stock Repurchased During Period, Value			$ 80,622
Original Share Repurchase Authorized, Amount Remaining	$ 169,378		$ 169,378
Original Share Repurchase Authorized				$ 250,000

Note 8 - Cares Act Loans Paya_2

Note 8 - Cares Act Loans Payable (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CARES Act loan payable	$ 301,967	$ 171,712
PPP loan 1
CARES Act loan payable		$ 171,712
PPP loan 2
CARES Act loan payable	130,255
Amount used for qualifying expenses to date	$ 91,488