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Debt (Southwestern Montana Financial Center, Inc.) | 12 Months Ended
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Dec. 31, 2018
Southwestern Montana Financial Center, Inc. [Member] |
Debt | NOTE 4. DEBT Debt consisted of the following at:
|  | December 31, 2018 |  |  | December 31, 2017 |
Vehicle note payable due August 2020 |  | $ | 31,797 |  |  | $ | 51,118 |
Vehicle note payable due September 2021 |  |  | 18,386 |  |  |  | 25,083 |
Vehicle note payable due December 2019 |  |  | 6,882 |  |  |  | 15,605 |
Vehicle note payable due May 2019 |  |  | 1,341 |  |  |  | 4,900 |
|  |  | 58,406 |  |  |  | 96,706 |
Less: current portion |  |  | 35,200 |  |  |  | 38,301 |
Long-term debt |  | $ | 23,206 |  |  | $ | 58,405 |
Future minimum payments approximate the following as of December 31, 2018:
Years ending December 31, |  |  |
2019 |  | $ | 35,200 |
2020 |  |  | 18,609 |
2021 |  |  | 4,597 |
Total |  | $ | 58,406 |
On July 21, 2017, the Company entered into a note agreement with a financial institution whereby the Company borrowed $59,000 for the purchase of a vehicle. The note bears an interest rate of 2.99% and requires monthly payments of principal and interest until the note matures on August 20, 2020. This note is collateralized by the vehicle. As of December 31, 2018, and 2017, this note payable had an outstanding principal balance of $31,797 and $51,118, respectively. On August 5, 2017, the Company entered into a note agreement with a financial institution whereby the Company borrowed $27,252 for the purchase of a vehicle. The note bears an interest rate of 2.99% and requires monthly payments of principal and interest until the note matures on September 4, 2021. This note is collateralized by the vehicle. As of December 31, 2018, and 2017, this note payable had an outstanding principal balance of $18,386 and $25,083, respectively. On November 8, 2016, the Company entered into a note agreement with a financial institution whereby the Company borrowed $24,018 for the purchase of a vehicle. The note bears an interest rate of 2.90% and requires monthly payments of principal and interest until the note matures on December 8, 2019. This note is collateralized by the vehicle. As of December 31, 2018, and 2017, this note payable had an outstanding principal balance of $6,882 and $15,605, respectively. On April 15, 2015, the Company entered into a note agreement with a financial institution whereby the Company borrowed $14,536 for the purchase of a vehicle. The note bears an interest rate of 5.67% and requires monthly payments of principal and interest until the note matures on May 15, 2019. This note is collateralized by the vehicle. As of December 31, 2018, and 2017, this note payable had an outstanding principal balance of $1,341 and $4,900, respectively.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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