Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE AND CAPITAL LEASES

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NOTES PAYABLE AND CAPITAL LEASES
9 Months Ended
Sep. 30, 2018
Notes Payable And Capital Leases  
NOTES PAYABLE AND CAPITAL LEASES

NOTE 5— NOTES PAYABLE AND CAPITAL LEASES

 

Notes payable is comprised of the following:

 

    September 30,   2018   December 31,   2017
Note Payable, GE Arm   $     $ 12,536  
Capital Leases- Equipment     383,426       77,162  
      383,426       89,698  
Less current portion     (89,458 )     (29,552 )
Long term portion   $ 293,968     $ 60,146  

 

Capital leases — equipment

 

On February 6, 2017, the Company entered into a capital lease agreement to acquire equipment with 48 monthly payments of $611 payable through January 6, 2021 with an effective interest rate of 14.561% per annum. The Company may elect to acquire the leased equipment for a nominal amount at the end of the lease.

 

On June 22, 2017, the Company entered into a lease agreement to acquire equipment with 60 monthly payments of $1,223 payable through June 2021 with an effective interest rate of 5.00% per annum. The Company may elect to acquire the leased equipment for a nominal amount at the end of the lease.

 

During the nine months ended September 30, 2018, the Company entered into a lease agreement to acquire equipment with 60 monthly payments of $2,081 payable through December 2023 with an effective interest rate of 10.2% per annum. The Company may elect to acquire the leased equipment for a nominal amount at the end of the lease.

 

During the nine months ended September 30, 2018, the Company entered into a lease agreement to acquire equipment with 60 monthly payments of $1,280 through June 2023 with an effective interest rate of 3.9%. The Company may elect to acquire the leased equipment for a nominal amount at the end of the lease.

 

Aggregate principal maturities of long-term debt as of September 30, 2018:

 

    Amount
Year ended December 31, 2018     $ 22,364  
Year ended December 31, 2019       89,457  
Year ended December 31, 2020       87,394  
Year ended December 31, 2021       82,131  
Year ended December 31, 2022 and thereafter       102,080  
Total     $ 383,426