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Debt
 6 Months Ended
Jun. 30, 2024
Debt [Abstract]  
DEBT

NOTE 9 - DEBT

 

The Company has financing arrangements for many of the vehicles in its fleet. The financing includes direct loans for each vehicle being financed. The Company entered into new vehicle financing arrangements totaling $0 and $281,575 for the three months ended June 30, 2024 and 2023, respectively, and $0 and $744,933 for the six months ended June 30, 2024 and 2023. Payments of debt obligations are based on level monthly payments for 60 months and include interest rates ranging from 4.94% - 11.09%. As of June 30, 2024, the weighted average interest rate on the Company’s short debt obligations was 7.8%. The combined amounts of these financial obligations are included in the Consolidated Balance Sheets as Current portion of long-term debt and Long-term debt. The company does not have debt covenants associated with these arrangements.

 

The following table presents the maturity analysis of the long-term debt as of June 30, 2024:

 

Years    
2024  $187,946 
2025   

302,265

 
2026   309,306 
2027   137,154 
2028   56,384 
Total debt   993,055 
Less current portion   307,426 
Long-term debt  $685,629