XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Long-Term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt

5 – Long-Term Debt

 

Long-term debt consisted of the following as of June 30, 2024 and December 31, 2023:

Schedule of long term debt payment  As of 
   June 30, 2024   December 31, 2023 
Note payable – bank. Payable in monthly installments of $332, including interest at 5.8% per annum, due August 2025 and are secured by equipment.  $4,485   $6,317 
Note payable – credit union. Payable in monthly installments of $508, including interest at 5.45% per annum, due July 2026, secured by a vehicle and personally guaranteed by a co-founder. This note was paid in full in March 2024.   —    14,196 
Note payable – SBA. Economic Injury Disaster Loan payable in monthly installments of $731, including interest at 3.75% per annum, due May 2050.   145,288    146,926 
Note payable – finance company. Payable in monthly installments of $2,204, including interest at 11.21% per annum, due August 2026, secured by a vehicle and personally guaranteed by a co-founder. The note was paid in full January 2023.   —    — 
Notes payable – The Company acquired six notes payable to GM Financial for vehicles. In April 2022, the Company secured a commercial line up to $300,000 to be used to finance vehicle purchases. The agreement expired in April 2023 but was renewed for a commercial line up to $350,000 and prevailing GM Financial existing term notes will remain. That agreement was due to expire in April 2024, but was renewed for the same limit and terms and will expire in April 2025. One note was paid off in May 2023 and two more were paid off in February 2024 when the corresponding vehicles were sold. As of June 30, 2024, the notes are currently payable in aggregate monthly installments of $2,560.15, including interest at rates ranging from 6.14% to 7.29% per annum, mature at various dates from October 2027 to May of 2028, and are secured by the related vehicles.   97,948    181,842 
Total  $247,721   $349,281 
Less current portion   (31,990)   (50,839)
Long-term debt, net of unamortized debt discount and current portion  $215,731   $298,442 

 

Future maturities of long-term debt are as follows:

      
Twelve months ending June 30, 
2025   $31,990 
2026    30,715 
2027    32,078 
2028    21,971 
2029    3,928 
Thereafter    127,039 
Total   $247,721