Notes Payable

9 Months Ended

Sep. 30, 2022

Notes Payable [Abstract]

Notes Payable

9. Notes Payable

The Company has various loans with finance companies with monthly installments aggregating $64,855, inclusive of interest ranging from 2.5% through 8%. The notes mature at various times through 2051 and are secured by transportation equipment.

The following table summarizes the Company’s notes payable:

	September 30, 2022		December 31, 2021
Equipment and financing loans payable, between 2.5% and 8% interest and maturing between January 2022 and May 2051	$	2,136,808	$	1,903,288
Loan received pursuant to the Payroll Protection Program Term Note		-		-
Total notes payable		2,136,808		1,903,288
Less: current portion of notes payable	$	680,703	$	600,449
Total non-current portion of notes payable	$	1,456,105	$	1,302,839

Interest expense was $69,804 and $61,324 for the periods ended September 30, 2022 and December 31, 2021, respectively.

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

	Notes Payable
2022, remaining		137,959
2023		582,722
2024		446,812
2025		386,785
2026		311,769
Thereafter		270,761
Total maturities	$	2,136,808
Current portion of notes payable		(680,703	)
Long-term portion of notes payable	$	1,456,105