LONG-TERM DEBT

6 Months Ended

Jun. 30, 2024

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 7 – LONG-TERM DEBT

Long-term debt at June 30, 2024 and December 31, 2023 was as follows:

	June 30, 2024			December 31, 2023
Installment contract payable to Komatsu, bearing interest at 3.49%, payable in 36 monthly installments of $11,799 maturing May 2027; collateralized by the Komatsu Wheel Loader	$	392,094		$	-
Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck		-			28,443
Total debt		392,094			28,443
Less current portion of debt		(129,967	)		(28,443	)
Long term portion of debt	$	262,127		$	-

At June 30, 2024, principal payments on debt were due as follows:

Twelve months ending June 30,	Principal Payment
2025	$	129,967
2026		134,577
2027		127,550
	$	392,094