Notes Payable

6 Months Ended

Jun. 30, 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:

	June 30, 2022		December 31, 2021
Equipment and financing loans payable, between 2.5% and 7.5% interest and maturing between January 2022 and May 2051	$	1,615,290	$	1,903,288
Loan received pursuant to the Payroll Protection Program		-		-
Total notes payable		1,615,290		1,903,288
Less: current portion of notes payable	$	566,426	$	600,449
Total non-current portion of notes payable	$	1,048,864	$	1,302,839

Interest expense was $43,508 and $61,324 for the periods ended June 30, 2022 and December 31, 2021, respectively.

Future minimum annual maturities of notes payable as of June 30, 2022 are as follows:

	Notes Payable
2022, remaining		270,596
2023		483,842
2024		320,070
2025		244,683
2026		146,099
Thereafter		150,000
Total maturities	$	1,615,290
Current portion of notes payable		(566,426	)
Long-term portion of notes payable	$	1,048,864