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Notes Payable | 6 Months Ended
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Jun. 30, 2023
Notes Payable |
Notes Payable | (11) Notes Payable Promissory Note: On September 12, 2019, AmpliTech Group, Inc., acquired Specialty, a privately held company based in Ronkonkoma, NY. The purchase included all inventory, orders, customers, property and equipment, and all intellectual property. The assets also included all eight team members of Specialty. The total consideration paid was $1,143,633, consisting of $668,633 in cash and a $475,000 promissory note with an interest rate of 6%. Beginning November 1, 2019, payment of principal and interest shall be due payable in fifty-nine (59) monthly payments of $9,213 with a final payment of $9,203 due October 1, 2024. As of June 30, 2023, the balance of this promissory note was $132,710. Principal payments of $50,304 along with interest expense of $5,234 were paid during the six months ended June 30, 2023. Loan Payable: On September 12, 2019, the Company was approved for a $250,000 equipment leasing facility which was subsequently increased to $500,000. The Company has borrowed against the leasing facility as follows:
| · | On May 14, 2020, the Company borrowed $27,494 to be paid over a three-year term with monthly payments of $815 at an interest rate of 4.268%. The balance as of June 30, 2023, was $0. Principal payments of $3,230 and interest expense of $30 were paid for the six months ended June 30, 2023. This loan was paid in full in April 2023.
| · | On June 10, 2020, the Company borrowed $41,015 to be paid over a three-year term with monthly payments of $1,216 at an interest rate of 4.278%. The balance as of June 30, 2023, was $0. Principal payments of $6,012 and interest expense of $68 were paid for the six months ended June 30, 2023. This loan was paid in full in May 2023.
As of March 14, 2023, the Company closed the equipment line of credit of $500,000. All UCC filings on the Company assets have been released as well as the Company’s president’s personal guarantee. In January 2022, the Company purchased machinery for $91,795, applying a deposit of $9,180 and financing the balance of $82,616 over 24 payments at an interest rate of 1.90%. The balance as of June 30, 2023, was $20,949. Principal payments of $20,751 and interest expense of $314 were paid for the six months ended June 30, 2023. Future principal payments over the term of the notes payable as of June 30, 2023, are as follows:
|  | Payments |
2023 - remaining |  | $ | 64,062 |
2024 |  |  | 89,597 |
Total remaining payments |  | $ | 153,659 |

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