Notes Payable |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTES PAYABLE |
NOTE 4 – NOTES PAYABLE
Notes payable consist of the following:
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, 2018, the balance of notes payable was $1,207,927. During 2019, the Company acquired additional equipment under financing agreements for a total of $153,307 with terms ranging from 2 to 5 years, interest rate of from 2.9% to 5.0% per annum, and secured by the purchased equipment. During 2019, the Company also made repayments on the notes payable totaling about $255,145. As of December 31, 2019, the balance of notes payable was $1,106,089. The aggregate monthly payments of principal and interest of the outstanding notes payable as of December 31, 2019 is approximately $42,000 are due through 2024.
Annual future principal payments under the outstanding note agreements as of December 31, 2019 are as follows:
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