LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 8 – LONG-TERM DEBT

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

	September 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 Wheel Loader	$	360,026		$	-
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		360,026			28,443
Less current portion of debt		(131,105	)		(28,443	)
Long term portion of debt	$	228,921		$	-

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

Twelve months ending September 30,	Principal Payment
2025	$	131,105
2026		135,754
2027		93,167
	$	360,026