Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.22.2.2
Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt

Note 6 - Debt

As of June 30, 2022 and December 31, 2021, debt consisted of the following:

 

 

 

As of

 

 

As of

 

 

 

June 30,

 

 

December 31

 

 

 

2022

 

 

2021

 

Long-term debt

 

$

157,852

 

 

$

1,566,598

 

Short-term debt

 

 

—

 

 

 

2,000,000

 

Line of credit

 

 

—

 

 

 

3,500,000

 

Total notes payable

 

 

157,852

 

 

 

7,066,598

 

Less: current portion

 

 

(122,023

)

 

 

(3,447,056

)

Less: line of credit

 

 

—

 

 

 

(3,500,000

)

Total notes payable, net of current portion

 

$

35,829

 

 

$

119,542

 

 

 

Outstanding as of June 30, 2022

On March 12, 2021, the Company entered into a note payable agreement (“Broken Stone Agreement”) with Broken Stone Investments, LLC. for the principal amount of $200,000, bearing interest at 5% per annum, with all principal and accrued interest thereon due and payable at maturity of June 1, 2023. The Broken Stone Agreement calls for monthly principal and interest payments of $8,774 to commence on July 1, 2021 through maturity on June 1, 2023. As of June 30, 2022, the balance on this loan was $102,515.

 


 

The Company holds various vehicle financing and lease agreements with original principal balances ranging from $20,000 through $50,000 for the six months ended June 30, 2022. The vehicle financing agreements call for monthly principal and interest payments ranging from $368 through $585 and bear interest at fixed rates ranging from 3.89% through 6.81% per annum. Outstanding principal and accrued interest are due at maturity, ranging from October 12, 2022 through September 13, 2024. The principal amount due on the agreements was $55,338 as of June 30, 2022. The financing agreements are secured by vehicles with a net book value of $59,852 as of June 30, 2022.

 

Future minimum principal payments on the notes payable are, as of June 30, 2022:

 

2022 (for the remainder of)

 

$

60,180

 

2023

 

 

72,118

 

2024

 

 

18,255

 

2025

 

 

7,299

 

2026

 

 

—

 

 

 

$

157,852

 

 

 

Retired debt during the six months ended June 30, 2022

 

The company repaid approximately $6,842,000 debt with Origin bank on January 28, 2022 and $40,000 debt with First United Bank on May 6, 2022.