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Equipment Loan Payable

9 Months Ended

Sep. 30, 2022

Loans Payable to Financial Institutions [Abstract]

EQUIPMENT LOAN PAYABLE

7. EQUIPMENT LOAN PAYABLE

Equipment loan payable consist of the following:

		September 30, 2022				December 31, 2021
October 2017 - Loan agreement with principal amount of $82,011 with an interest rate of 6.40% and maturity date on October 1, 2022		$	1,515			$	15,989
Total long-term equipment loan payable			1,515				15,989
Less – current portion			(1,515	)			(15,989	)
Total long-term debt, net of current portion		$	-			$	-

For the year ended December 31,		Amount
2022 (remaining three months)		$	1,515
Total long-term equipment loan payable		$	1,515

October 2017 - $82,011 equipment loan payable

In October 2017, the Company entered into equipment finance loan agreement with US Bank Equipment Finance in the amount of $82,011 with an interest rate of 6.40% and maturity date on October 1, 2022, payable in 60 payments. All principal, together with interest cost is due and payable on October 1, 2022. As of September 30, 2022 and December 31, 2021, there was a balance outstanding of $1,515 and $15,989, respectively.

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- References

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- Definition

The entire disclosure for long-term debt.

+ References

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

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