| Notes Payable |
Note 4 - Notes Payable
Long Term Notes Payable
|
|
|
September 30, 2021 |
|
June 30, 2021 | |
Note payable with a bank bearing interest at 4% and maturing on June 26, 2021 and a lowered interest rate to 3%. In July 2021, the note was renewed by the lender with a revised maturity date of July 7, 2026. The renewal provides for monthly interest payments and a balloon payment of outstanding principal and interest at maturity. The note is collateralized by a certificate of deposit owned by a related party. |
|
$ |
237,039 |
|
$ |
237,039 | |
|
|
|
|
|
|
| |
Note payable to an investor bearing interest at 10% and maturing on January 13, 2022 with monthly installments of principal and interest of $45,294 beginning in June 2021. |
|
|
236,726 |
|
|
348,456 | |
|
|
|
|
|
|
| |
Long term loan under Section 7(b) of the Economic Injury Disaster Loan program bearing interest at 3.75% and maturing in May 2050. Monthly installments of principal and interest of $731 begin upon notification by the SBA regarding note servicing. |
|
|
150,000 |
|
|
150,000 | |
|
|
|
|
|
|
| |
Financing lease liabilities for offices and warehouses with monthly installments of $24,091 (ranging from $245 to $9,664) over terms expiring through December 2024. |
|
|
222,336 |
|
|
208,051 | |
|
|
|
|
|
|
| |
Note payable with a finance company for delivery vehicle with monthly installments totaling $679 including interest at 8.99% over a 6 year term expiring in December 2025. |
|
|
29,633 |
|
|
31,016 | |
|
|
|
|
|
|
| |
Total Notes Payable |
|
|
875,734 |
|
|
974,562 | |
|
|
|
|
|
|
| |
Less: Unamortized original issue discount |
|
|
8,750 |
|
|
17,500 | |
|
|
|
|
|
|
| |
Current Portion of Notes Payable |
|
|
445,232 |
|
|
552,055 | |
|
|
|
|
|
|
| |
Long-term Portion of Notes Payable |
|
$ |
421,752 |
|
$ |
405,007 |
Future minimum principal payments on the long-term notes payable to unrelated parties are as follows:
|
Period ending September 30, |
|
|
| |
|
2022 |
|
$ |
445,232 | |
|
2023 |
|
|
122,692 | |
|
2024 |
|
|
62,413 | |
|
2025 |
|
|
62,481 | |
|
2026 |
|
|
182,916 | |
|
Thereafter |
|
|
- | |
|
|
|
$ |
875,734 |
|