Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.22.1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

Notes Payable

 

In December 2020, the Company entered into a financing arrangement for $75,702 with an interest rate of 8.64% for a vehicle. The Company will make monthly payments of $1,211 over 72 months. In April 2021, the Company entered into a financing arrangement for $30,942 with an interest rate of 7.64% for a vehicle. The Company will make monthly payments of $753 over 48 months.

 

The following table provides the maturities of these notes payable as of March 31, 2022:

     
Remainder of 2022   $ 17,764  
2023     23,685  
2024     23,685  
2025     17,664  
2026     14,654  
Total future payments     97,452  
Less: Interest     (15,634 )
Total notes payable     81,818  
Less current portion     (16,961 )
Long-term notes payable   $ 64,857