Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

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Notes Payable
9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

 

Notes payable consist of the following:

 

   

September 30,

2019

    December 31,  
    (Unaudited)     2018  
Total Equipment Notes Payable   $ 1,188,473     $ 1,207,927  
Less Current Portion     329,490       283,388  
Notes Payable, long term   $ 858,983     $ 924,539  

 

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. Aggregate monthly payments of principal and interest of approximately $29,000 are due through 2023.