Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt

Long Term Debt
6 Months Ended
Jun. 30, 2018
Long-term Debt, Unclassified [Abstract]  
Long Term Debt

Note 7- Long Term Debt


Note Payable – Enterprise Bank


In connection with its acquisition of Message Logic, LLC, the Company assumed a loan with Enterprise Bank. The loan was due on April 30, 2016. There has been no default notice from Enterprise Bank. Enterprise Bank has requested that we move from an interest only payment to a self-amortized arrangement. The Company has requested that the bank consider all payments made to date as satisfaction of the assumed loan and the bank is in process of a response. Interest only payments have been paid with the last monthly payment made in June 2018. The interest rate on this note was 6.5%.


Notes Payable – Related Party



On March 7, 2018, the Company entered into a lease with Systems Trading, Inc. (“Systems Trading”), a company owned by DSC’s President, to refinance and consolidate notes payable – related party and existing leases referenced in Note 5. The lease calls for bi-monthly payments of $23,475 and expires on April 6, 2022. It carries an interest rate of 5%.


Future minimum payments under these note agreements are reflected in Note 5 above.