|6 Months Ended|
Jun. 30, 2018
|Payables and Accruals [Abstract]|
NOTE 4 – NOTES PAYABLE
Notes payable consist of the following:
As of December 31, 2017, the Company’s notes payable related to several financing agreements for the purchase of equipment, with terms ranging from 2 years to 5 years, with interest rates ranging from 1.9% to 6.9% per annum, and secured by the purchased equipment.
During the six months ended June 30, 2018, the Company acquired additional equipment under financing agreements for total principal amount of approximately $660,000, with term of 5 years, interest rate of 5% per annum, and also secured by the purchased equipment.
As of June 30, 2018, the balance of notes payable was $625,407. The aggregate monthly payments of principal and interest of the outstanding notes payable as of June 30, 2018 is approximately $23,000 and due through 2023.
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef