XML 42 R26.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - RELATED PARTIES

12 Months Ended

Dec. 31, 2020

20. NOTES PAYABLE – RELATED PARTIES

Notes Payable – Related parties at December 31, 2020 and 2019, are comprised of the following:

	December 31,
	2020			2019
Notes payable, related parties	$	239,355		$	284,317
Less: current portion		(187,818	)		(169,153	)
Notes payable, related parties – long-term portion	$	51,537		$	115,164

Microphase is party to several notes payable agreements with its past officers, employees and their family members. As of December 31, 2020, the aggregate outstanding balance pursuant to these notes payable agreements, inclusive of $35,351 of accrued interest, was $274,706, with annual interest rates ranging between 3.00% and 6.00%. During the years ended December 31, 2020 and 2019, Microphase incurred $8,865 and $6,852, respectively, of interest on these notes.