|9 Months Ended|
Sep. 30, 2021
NOTE 4 – NOTES RECEIVABLE
On April 22, 2021, Ondas made a loan to American Robotics in the aggregate amount of $2.0 million. The note carried interest at a rate of 2% per annum. The principal and any accrued and unpaid interest were due on April 22, 2022. As of and for the three and nine months ended September 30, 2021, the Company recorded $11,507 of interest income related to the note. On August 5, 2021, in conjunction with the closing of the merger agreement with American Robotics, the unpaid interest and principal balance of $2,011,507 was forgiven and included in the total purchase price consideration of $69,274,390. See Note 6 for further details.
The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef