Notes Payable

3 Months Ended

Mar. 31, 2022

Notes Payable [Abstract]

Notes Payable

9. Notes Payable

The Company has various loans with finance companies with monthly installments aggregating $60,499, inclusive of interest ranging from 2.5% through 7.5%. The notes mature at various times through 2051 and are secured by transportation equipment.

The following table summarizes the Company’s notes payable:

	March 31, 2022		December 31, 2021
Equipment and financing loans payable, between 2.5% and 7.5% interest and maturing through May 2051	$	1,765,137	$	1,903,288
Total notes payable		1,765,137		1,903,288
Less: current portion of notes payable	$	593,831	$	600,449
Total non-current portion of notes payable	$	1,171,306	$	1,302,839

Interest expense was $22,559 and $61,324 for the periods ended March 31, 2022 and December 31, 2021, respectively.

Future minimum annual maturities of notes payable as of March 31, 2022 are as follows:

	Notes Payable
2022, remaining		423,712
2023		485,390
2024		326,565
2025		248,120
2026		149,536
Thereafter		131,814
Total maturities	$	1,765,137
Current portion of notes payable		(593,831	)
Long-term portion of notes payable	$	1,171,306