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Notes Payable

9 Months Ended

Sep. 30, 2019

Notes Payable [Abstract]

Notes Payable

Note 7 – Notes Payable

Notes Payable consist of the following:

		September 30,				December 31,
		2019				2018
Vehicle note		$	35,655			$	42,393
Less current portion of notes payable and other long-term debt			(10,689	)			(10,173	)
Notes payable and other long-term debt		$	24,966			$	32,220

In September 2017, we entered into a note payable of $54,165 for the purchase of a vehicle. Interest and principal payments are due in equal monthly installments of $1,087 over five years beginning October 2017. This note bears an interest rate of 7.44% per annum and is fully secured by the vehicle.

Unison Revolving Line of Credit

The Company has a revolving line of credit (“LOC”) agreement which matures April 12, 2020.  The LOC provides for $75,080 in working capital. The interest rate is at the Wall Street Journal prime rate plus 1.50% and is adjusted daily.  Principal and interest are payable upon demand, but if demand is not made, then annual payments of accrued interest only are due, with the principal balance due on maturity.  As of September 30, 2019 and December 31, 2018, the effective interest rate was 6.5% and 7.0%, respectively. The LOC is collateralized by all the business assets of ICS.  As of September 30, 2019, and December 31, 2018, there were no amounts outstanding under this LOC.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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