| Notes Payable |
Note 4 - Notes Payable Long Term Notes Payable | | | | | | | | |
| March 31, 2022
|
| June 30, 2021
|
Note payable with a bank bearing interest at 4% and maturing on June 26, 2020. The note was renewed by the lender with a revised maturity of June 26, 2021 and an interest rate of 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
|
|
|
|
|
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. This note was paid in full on May 2, 2022.
| 55,551
|
| 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. In March 2022, SBA deferred maturity for 30 months from the date of the note. Revised maturity date is November 2052.
| 150,000
|
| 150,000
|
|
|
|
|
Financing lease liabilities for offices and warehouses with monthly installments of $22,723 (ranging from $245 to $9,664) over terms expiring through December 2024.
| 158,829
|
| 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.
| 26,921
|
| 31,016
|
|
|
|
|
Note payable with a bank for delivery vehicle with monthly installments totaling $844 including interest at 6% over a 4 year term expiring in August 2025.
| 31,281
|
| |
|
|
|
|
Note payable with a finance company for delivery vehicle with monthly installments totaling $948 including interest at 5.9% over a 6 year term expiring in January 2027.
| 53,827
|
| |
|
|
|
|
Note payable to an investor bearing interest at 12% and maturing on May 26, 2023 with monthly installments of principal and interest of $120,185 beginning in May 2022.
| 1,222,222
|
| |
|
|
|
|
Note payable to an investor bearing interest at 12% and maturing March 18, 2023. Monthly installments of $22,558 beginning May 2022.
| 228,200
| | |
| | | | | | | | |
Note payable to an investor bearing interest at 12% and maturing February 28, 2023. Monthly installments of $30,000 beginning May 2021.
| 360,000
| | |
|
|
|
|
Total Notes Payable
| 2,502,357
|
| 974,562
|
|
|
|
|
Less: Unamortized original issue discount
| 174,512
|
| 17,500
|
|
|
|
|
Current Portion of Notes Payable
| 2,011,550
|
| 552,055
|
|
|
|
|
Long-term Portion of Notes Payable
| $ 316,295
|
| $ 405,007
|
Future minimum principal payments on the long-term notes payable to unrelated parties are as follows: | |
Period ending March 31,
|
|
2023
| $ 2,011,550
|
2024
| 144,344
|
2025
| 97,660
|
2026
| 76,067
|
2027
| 172,736
|
| $ 2,502,357
|
|