Annual report pursuant to Section 13 and 15(d)

Line of Credit

v3.20.1
Line of Credit
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Line of Credit

NOTE 8 – LINE OF CREDIT

 

On October 9, 2019, Orbital Satcom Corp., entered into a short-term loan agreement for $29,000, with Amazon. The one-year term loan is paid monthly, has an interest rate of 9.72%, with late payment penalty interest of 11.72%. For the years ended December 31, 2019 and 2018, the Company recorded interest expense of $574 and $0, respectively. The short-term line of credit balance as of December 31, 2019 and 2018, was $24,483 and $0.