Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5— NOTES PAYABLE

 

Notes payable as of June 30, 2018 and December 31, 2017 are comprised of the following:

 

   

June 30,

2018

 

December 31,

2017

Note Payable, GE Arm   $ —       $ 12,536  
Capital Leases- Equipment     183,285       77,162  
      183,285       89,698  
Less current portion     (46,981 )     (29,552 )
Long term portion   $ 136,304     $ 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 at a nominal amount at the end of the lease.

 

In 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 at a nominal amount at the end of the lease.

 

On January 29, 2018 the Company entered into a lease agreement to acquire equipment with 60 monthly payments of $2,081 payable through December 2018 with an effective interest rate of 10.2% per annum. The Company may elect to acquire the leased equipment at a nominal amount at the end of the lease.

 

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

 

    Amount
Year ended December 31, 2018     $ 23,491  
Year ended December 31, 2019       46,981  
Year ended December 31, 2020       44,361  
Year ended December 31, 2021       39,655  
Year ended December 31, 2022 and thereafter       28,797  
Total     $ 183,285