EQUIPMENT NOTE PAYABLE

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

EQUIPMENT NOTE PAYABLE

NOTE F – EQUIPMENT NOTE PAYABLE

In July 2017, the Company entered into a financing agreement for the purchase of CNC machining equipment valued at approximately $426,000. The machining equipment was received in July 2017 and was used for the manufacture of Voraxial Separators under the Supply Agreement and sales of the V-Inline Separators. Under the terms of the agreement the Company made an initial down payment of $85,661 and is required to make monthly payments of $6,788 through January 2023. In addition, the Company incurred $24,281 of installation costs. In April 2021, the Company entered into a purchase agreement to sell its CNC machining equipment for $275,000. The Company sold the equipment as the utilization of the CNC machining equipment for customer specific projects and the separation equipment decreased due to the Covid-19 pandemic. The Company can still manufacture the Voraxial and V-Inline Separators and manufacture customer specific projects with its current manufacturing equipment. As of June 30, 2021 and December 31, 2020 the amount owed is $0 and $175,398, respectively.

	June 30, 2021 (unaudited)		December 31, 2020
Equipment note payable	$	—	$	175,398
Less: current portion		—		71,812
Long-term equipment note payable	$	—	$	103,586