Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.23.2
NOTES PAYABLE
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
NOTES PAYABLE

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 March 2023, the Company entered into two financing arrangements to purchase two vehicles. The total principal of these arrangements is $96,024 with interest rates of 11.44% and 8.63% and monthly payments totaling $1,923 are due through January 2028 and $908 per month until February 2029.  

 

The following table provides the maturities of notes payable as of June 30, 2023: 

       
         
Remainder of 2023   $ 11,536  
2024     23,073  
2025     23,073  
2026     23,073  
2027     23,073  
2028     11,913  
2029     1,816  
Total future payments     117,557  
Less: Interest     (25,606 )
Total notes payable     91,951  
Less current portion     (14,550 )
Long-term notes payable   $ 77,401