NOTE 4 – NOTES PAYABLE

Notes payable consist of the following:

As of December 31, 2017, the Company’s notes payable related to several financing agreements for the purchase of equipment, with terms ranging from 2 years to 5 years, with interest rates ranging from 1.9% to 6.9% per annum, and secured by the purchased equipment.

During the nine months ended September 30, 2018, the Company acquired additional equipment under financing agreements for total principal amount of approximately $660,000, with term of 5 years, interest rate of 5% per annum, and also secured by the purchased equipment.

As of September 30, 2018, the balance of notes payable was $817,436. The aggregate monthly payments of principal and interest of the outstanding notes payable as of September 30, 2018 is approximately $23,000 and due through 2023.