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DEBT

3 Months Ended

Mar. 31, 2024

DEBT

DEBT

NOTE 7 – LONG-TERM DEBT

Long-term debt at March 31, 2024 and December 31, 2023 was as follows:

		March 31, 2024				December 31, 2023
Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck		$	7,170			$	28,443
Total debt			7,170				28,443
Less current portion of debt			(7,170	)			(28,443	)
Long term portion of debt		$	-			$	-

The principal payments owed Caterpillar Financial Services of $7,170 at March 31, 2024 will be due in April 2024. 

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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