Note 7 – Long Term Debt

Note Payable

In connection with the 2012 acquisition of Message Logic, LLC, the Company acquired software subject to a UCC filing in the amount of $350,000 plus accrued interest. On September 5, 2014 the Company entered into an agreement whereby the Company paid all arrears interest over 7 months at $3,910 per month. In addition, the Company agreed to make monthly interest payments at $1,553 per month with the principal balance of $350,000 payable on April 30, 2016. The Company stopped making interest only payments on October 25, 2018. There has been no default notice from the bank. The Company is in the process of renegotiating a final settlement.

Notes Payable – Related Party

In 2018, The Company refinanced this note payable along will all of its then outstanding leases into a new lease agreement with Systems Trading. At December 31, 2018 and 2017 the balance due under this obligation was $0 and $286,821.