Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE

v3.19.1
NOTES PAYABLE
12 Months Ended
Dec. 31, 2018
Payables and Accruals [Abstract]  
NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

 

Notes payable consist of the following:

 

    December 31,
2018
    December 31,
2017
 
Total Equipment Notes Payable   $ 1,207,927     $ 237,055  
Current Portion     283,388       110,237  
                 
Notes Payable, Long term   $ 924,539     $ 126,818  

 

The Company has entered into several financing agreements for the purchase of equipment. The terms of these financing arrangements are for a term of 2 years to 5 years, with interest rates ranging from 1.9% to 6.9% per annum, secured by the purchased equipment.

 

As of December 31, 2017, the balance of notes payable was $237,055. During 2018, the Company acquired additional equipment under financing agreements for a total of $1,109,275 with terms of 5 years, interest rate of 5% per annum, and secured by the purchased equipment. During 2018, the Company also made repayments on the notes payable totalling about $138,000. As of December 31, 2018, the balance of notes payable was $1,207,927. The aggregate monthly payments of principal and interest of the outstanding notes payable as of December 31, 2018 is approximately $29,000 are due through 2023.

 

Annual future principal payments under the outstanding note agreements as of December 31, 2018 are as follows:

 

Years ending December 31:        
2019     292,800  
2020     263,193  
2021     228,528  
2022     234,092  
2023     189,314  
Total   $ 1,207,927