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NOTE RECEIVABLE
12 Months Ended
Dec. 31, 2023
Note Receivable  
NOTE RECEIVABLE

NOTE 6 – NOTE RECEIVABLE

 

During the year ended December 31, 2023, the Company sold certain fixed assets for $195,000. At the time of the sale $100,000 cash proceeds were received and the Company received a note receivable for $95,000. The net book value of the asset at the time of sale was $26,145. A gain of $168,855 was recorded in the year ended December 31, 2023, for the sale of equipment. The note is payable in full at maturity on August 25, 2029, and accrues interest at the rate of 8% per year. The note receivable balance as of December 31, 2023, was $97,533 including interest of $2,533.