Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.8.0.1
NOTES PAYABLE
9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

 

Notes payable consist of the following:

  

   

September 30,

 2017

    December 31,  
    (Unaudited)     2016  
Total Equipment Notes Payable   $ 263,545     $ 348,799  
Less Current Portion     (109,339 )     (111,368 )
Notes Payable, Long term   $ 154,206     $ 237,431  

 

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 $10,000 are due through 2019.