|3 Months Ended|
Mar. 31, 2023
|Debt Disclosure [Abstract]|
NOTE 5 – 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:
No definition available.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef