NOTES PAYABLE - RELATED PARTIES

9 Months Ended

Sep. 30, 2020

Notes Payable [Abstract]

NOTES PAYABLE - RELATED PARTIES

18. NOTES PAYABLE – RELATED PARTIES

Notes Payable – Related parties at September 30, 2020 and December 31, 2019, are comprised of the following:

	September 30,			December 31,
	2020			2019
Notes payable, related parties	$	263,169		$	284,317
Less: current portion		(211,253	)		(169,153	)
Notes payable, related parties – long-term portion	$	51,916		$	115,164

Microphase is a party to several notes payable agreements with six of its past officers, employees and their family members. As of September 30, 2020, the aggregate outstanding balance pursuant to these notes payable agreements, inclusive of $38,569 of accrued interest, was $301,738, with annual interest rates ranging between 3.00% and 6.00%.