Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Note 6 - Debt As of March 31, 2022 and December 31, 2021, debt consisted of the following:
Long-Term Debt
Outstanding as of March 31, 2022
On December 3, 2018, the Company entered into a business loan agreement with First United Bank and Trust Co. (“Loan Agreement”), for a principal balance of $89,001. The Loan Agreement calls for monthly principal and interest payments of $1,664, at an interest rate of 4.49% per annum, and matures on December 15, 2023. The principal amount due on the Loan Agreement was $33,597 as of March 31, 2022. The Loan Agreement is secured by the vehicles acquired with the loan having a carrying value which approximates the outstanding loan balance. 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 March 31, 2022, the balance on this loan was $129,563.
Retired during the three months ended March 31, 2022
Effective December 15, 2021, the maturity date on all notes outstanding with Origin were extended to January 31, 2022 under similar terms, and the waiver for debt covenants was extended to January 31, 2022. The debt covenants were released upon the repayment of the notes and line of credit in the aggregate amount of $6,841,533 with Origin on January 28, 2022. Short-Term Debt
Retired during the three months ended March 31, 2022
On June 23, 2020, the Company entered into a promissory note agreement with Origin (“Security Agreement 3”) for the principal amount of $2,000,000. The Security Agreement 3 called for interest only payments beginning August 5, 2020 through September 5, 2020, at an interest rate of 5% per annum, with the entire balance maturing on October 5, 2020. The maturity date was extended to January 31, 2022. The Security Agreement 3 was secured by the assets of the Company and guaranteed by certain directors of the Company. As of December 31, 2021, the principal amount due on Security Agreement 3 was $2,000,000. This note was repaid in full on January 28, 2022.
Other Notes Payable - included in long-term debt
The Company holds various vehicle financing and lease agreements with original principal balances ranging from $20,000 through $50,000 for the three months ended March 31, 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 $93,632 as of March 31, 2022. The financing agreements are secured by vehicles with a net book value of $59,124 as of March 31, 2022.
Future minimum principal payments on the notes payable are as of March 31, 2022:
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