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On December 31, 2020, Skysong Company had $1,133,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021,

On December 31, 2020, Skysong Company had $1,133,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 27,100 shares of its common stock for $29 per share, receiving $785,900 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $347,100 cash, are used to liquidate the $1,133,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.

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