Annual report pursuant to Section 13 and 15(d)

Long Term Debt

v3.8.0.1
Long Term Debt
12 Months Ended
Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]  
Schedule of long term debt

Note 7 – Long Term Debt

 

Note Payable – Enterprise Bank

 

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 is in the process of renegotiating a new payment plan. Interest only payments have been paid with the last monthly payment made in December 2017. The interest rate on this note was 6.5%. The Company is in current negotiations to either modify or extend this loan.

 

Notes Payable – Related Party

 

On February 1, 2017, the Company entered into a note with Systems Trading, a company owned by the president of Data Storage Corporation to refinance old liabilities. The note calls for monthly payments of $10,293 and matures on January 31, 2019. It carries an interest rate of 0%.

 

On May 1, 2017, the Company entered into a note with Systems Trading, a company owned by the president of Data Storage Corporation to refinance advances made by the president. The note calls for monthly payments of $5,283 and matures on April 1, 2020. It carries an interest rate of 0%.

 

Future minimum payments under these notes note agreements are as follows:

 

Year ending December 31,    
     
2018   $ 186,906  
2019     73,689  
2020     26,226  
    $ 286,821