NOTE 3 – NOTES PAYABLE

Notes payable consist of the following (in thousands):

 SCHEDULE OF NOTES PAYABLE

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 July 2024. The aggregate monthly payments of principal and interest of the outstanding notes payable as of December 31, 2021 is approximately $22.

As of December 31, 2020, the balance of notes payable was $777. During 2021, the Company paid down the notes payable by $267, and at December 31, 2021, the balance of notes payable was $510.

Annual future principal payments under the outstanding note agreements as of December 31, 2021 are as follows (in thousands):

 SCHEDULE OF ANNUAL FUTURE PRINCIPAL PAYMENTS