Quarterly report pursuant to Section 13 or 15(d)

Borrowings

v3.21.1
Borrowings
3 Months Ended
Mar. 31, 2021
Disclosure of Borrowings [Abstract]  
Borrowings

Note 4 – Borrowings

 

Equipment Leases

 

As of March 31, 2021 and December 31, 2020, the Company’s borrowings consisted of equipment leases at an interest rate of 12.35% per annum. The principal and interest payments extend through November 30, 2021.

 

Future minimum lease payments under non-cancelable capital leases during the year ended March 31 are as follows:

 

2022   $ 15,232  
Less: Interest expenses     682  
Total   $ 14,550