Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.23.1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2023
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 was required to 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 was required to make monthly payments of $753 over 48 months. The Company sold both vehicles in the three months ended March 31, 2023 and paid off these notes.

 

In the three months ended March 31, 2023, the Company entered into two financing arrangements to purchase two vehicles. The total principal of these arrangements is $96,057 with interest rates of 11.44% and 8.63% and monthly payments totaling $1,923 are due over 60 and 72 months.  

 

The following table provides the maturities of notes payable as of March 31, 2023: 

       
Remainder of 2023   $ 17,304  
2024     23,073  
2025     23,073  
2026     23,073  
2027     23,073  
2028     11,913  
2029     1,816  
Total future payments     123,325  
Less: Interest     (27,953 )
Total notes payable     95,372  
Less current portion     (14,200 )
Long-term notes payable   $ 81,172