Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

 

Notes payable consist of the following:

 

   

September 30, 2021

    December 31, 2020  
    (Unaudited)        
Total Equipment Notes Payable   $ 569     $ 777  
Less Current Portion     240       267  
Notes Payable, long term   $ 329     $ 510  

 

 

The Company has entered into several financing agreements for the purchase of equipment in prior years. 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, and mature between September 2023 and December 2023. The aggregate monthly payments of principal and interest of the outstanding notes payable as of September 30, 2021 is approximately $22.

 

Future principal payments through the maturity dates of the notes payable as of September 30, 2021, consist of the following:

 

Year Ending   Notes Payable  
2021 (remaining 3 months)     59  
2022     242  
2023     203  
2024     65  
Principal payments of the notes payable   $ 569