5. Note Receivable - Related Party	9 Months Ended
Sep. 30, 2020
Financing Receivable, after Allowance for Credit Loss [Abstract]
Note Receivable - Related Party	NOTE 5. NOTE RECEIVABLE – RELATED PARTY On June 1, 2019, the Company sold two racecars to a related party for a $50,000 note receivable, resulting in a gain of $20,000. The interest rate on the note is 1% per annum and payments of $1,000 per month began August 2019 and increase to $4,778 per month in March 2020, with a final payment of $525 in December 2020. Effective April 1, 2020, the repayment terms were amended due to disruption caused by the COVID-19 outbreak. Payments of $1,350 will be due after each event in the NASCAR race schedule which consists of 36 events ending in November 2020. The balance of the note was $16,886 and $50,000 as of September 30, 2020 and December 31, 2019, respectively.

5. Note Receivable - Related Party

9 Months Ended

Sep. 30, 2020

Financing Receivable, after Allowance for Credit Loss [Abstract]

NOTE 5. NOTE RECEIVABLE – RELATED PARTY

On June 1, 2019, the Company sold two racecars to a related party for a $50,000 note receivable, resulting in a gain of $20,000. The interest rate on the note is 1% per annum and payments of $1,000 per month began August 2019 and increase to $4,778 per month in March 2020, with a final payment of $525 in December 2020. Effective April 1, 2020, the repayment terms were amended due to disruption caused by the COVID-19 outbreak. Payments of $1,350 will be due after each event in the NASCAR race schedule which consists of 36 events ending in November 2020. The balance of the note was $16,886 and $50,000 as of September 30, 2020 and December 31, 2019, respectively.

RC-1, Inc. 10-Q