Long Term Debt |
12 Months Ended | ||||||||||||||||||||||||||||||
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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:
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