Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Long-term debt consisted of the following:

	September 30, 2019			December 31, 2018

A note payable to a financial institution bearing interest at 2.81% and 2.75% at September 30, 2019 and December 31, 2018, respectively, and guaranteed by the officer of the Company. The Company was required to make interest-only payments until December 2018, then monthly payments of both principal and interest starting from January 2019.	$	395,330		$	491,906

Long-term debt		395,330			491,906
Less: current portion		(20,802	)		(89,509	)
Long-term debt, net of current portion	$	374,528		$	402,397

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details