NOTE 3 – 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. The aggregate monthly payments of principal and interest of the outstanding notes payable as of December 31, 2020 is approximately $20 and are due through 2024.

As of December 31, 2019, the balance of notes payable was $1,106. During 2020, the Company paid down the notes payable by $328, and at December 31, 2020, the balance of notes payable was $777.

Annual future principal payments under the outstanding note agreements as of December 31, 2020 are as follows: