v3.22.2.2

Long term debt | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Long-Term Debt [Text Block] | Note 13 – Long term debt
Holder |  | Date issued |  |  | Interest rate |  |  | Amount due September 30, 2022 |  |  | Amount due December 31, 2021 |
Real Estate Note Allen-Neisen Family trust – Et. Al. |  |  | 12-31-19 |  |  |  | 5.00 | % |  | $ | 273,400 |  |  | $ | 280,811 |
US Treasury SBA guaranteed loan |  |  | 7-21-20 |  |  |  | 3.75 | % |  |  | 149,900 |  |  |  | 149,900 |
Ascentium Capital |  |  | 10-1-18 |  |  |  | 13.00 | % |  |  | - |  |  |  | 2,417 |
Fredrick Donze |  |  | 9-2-18 |  |  |  | 6.00 | % |  |  | - |  |  |  | 341 |
Charles O’Dowd – former officer loan |  |  | 8-9-18 |  |  |  | 6.00 | % |  |  | 49,500 |  |  |  | 63,000 |
GMAC Chev truck |  |  | 10-20-20 |  |  |  | 5.99 | % |  |  | 15,983 |  |  |  | 19,724 |
Mechanics Bank – Chev Truck |  |  | 12-12-20 |  |  |  | 8.99 | % |  |  | 16,750 |  |  |  | 20,140 |
Total long-term debt |  |  |  |  |  |  |  |  |  |  | 505,533 |  |  |  | 536,333 |
Less Current portion |  |  |  |  |  |  |  |  |  |  | (38,072 | ) |  |  | (40,808 | )
Total long-term debt |  |  |  |  |  |  |  |  |  | $ | 467,461 |  |  | $ | 495,525 |
On December 31, 2019, ABCO completed negotiations, financial arrangements and closed on the purchase of a 4,800 square foot office and warehouse building located on one/half acre of paved land on one of Tucson’s busiest streets. This property will be more than adequate to house both the Solar business and our HVAC expansion. The land and outbuildings will accommodate all of our equipment. The property acquisition was priced at $325,000 the company paid $25,000 down payment and the seller financed $300,000 mortgage based on a twenty-year amortization and a 5% interest rate with a balloon payment at the end of five (5) years. The monthly payment is $1,980. Outstanding principal balance as of September 30, 2022 and December 31, 2021 on the note was $273,400 and $280,811, respectively. On July 21, 2020, the Company received an SBA loan from Bank of America in the amount of $150,000 that is guaranteed by the US Treasury Department. Installment payments, including principal and interest, of $731.00 monthly, will begin Twelve (12) months from the date of the promissory Note. The balance of principal and interest will be payable Thirty (30) years from the date of the promissory Note. Interest will accrue at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date(s) of each advance. Each payment will be applied first to interest accrued to the date of receipt of each payment, and the balance, if any, will be applied to principal. For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest in and to any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and obligations of Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and expenses (all hereinafter called “Obligations”). The Collateral includes the following property that Borrower now owns or shall acquire or create immediately upon the acquisition or creation thereof: all tangible and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. During the nine months ended September 30, 2022 and the year ended December 31, 2021, the Company recorded $3,855 and $5,624 in interest expense on this loan, respectively. Unpaid principal balance of the SBA loan at September 30, 2022 and December 31, 2021 was $149,900 and $149,900, respectively. ABCO acquired the assets of Dr. Fred Air Conditioning services on September 2, 2018, for the total price of $22,000. The allocation of the purchase price was to truck and equipment at $15,000 and the balance was allocated to inventory and the license for period of five or more years. The truck and equipment were financed by Ascentium Capital. The payments on the Ascentium capital note are $435 and the payments on the Donze note are $212 each per month. Both of these loans are fully paid.

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