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NOTES PAYABLE - RELATED PARTIES

3 Months Ended

Mar. 31, 2021

Notes Payable [Abstract]

NOTES PAYABLE - RELATED PARTIES

19. NOTES PAYABLE – RELATED PARTIES

Notes Payable – Related parties at March 31, 2021 and December 31, 2020, are comprised of the following:

		March 31, 2021				December 31, 2020
Notes payable, related parties		$	215,572			$	239,355
Less: current portion			(149,489	)			(187,818	)
Notes payable, related parties – long-term portion		$	66,083			$	51,537

Microphase is a party to several notes payable agreements with six of its past officers, employees and their family members. As of March 31, 2021, the aggregate outstanding balance pursuant to these notes payable agreements, inclusive of $33,000 of accrued interest, was $248,000, with annual interest rates ranging between 3.00% and 6.00%.

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