Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.24.1.u1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

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 February 2028 and $908 per month until February 2029. The vehicles are collateral for these arrangements. In February 2024, one of the vehicles was involved in an accident and was totaled. The note payable associated with this vehicle was paid off with the proceeds received from the insurance carrier.

 

The following table provides the maturities of the remaining note payable as of March 31, 2024: 

     
Remainder of 2024   $ 8,174  
2025     10,898  
2026     10,898  
2027     10,898  
2028     10,898  
2029     1,816  
Total future payments     53,582  
Less: Interest     (12,993 )
Total note payable     40,589  
Less current portion     (6,594 )
Long-term note payable   $ 33,995