Notes Payable

3 Months Ended

Mar. 31, 2023

Notes Payable [Abstract]

Notes Payable

10. Notes Payable

The Company has various loans with finance companies with monthly installments aggregating $64,671, inclusive of interest ranging from 2.5% through 8%. The notes mature at various times through 2027 and are secured by transportation equipment.

The following table summarizes the Company’s notes payable:

	March 31, 2023		December 31, 2022
Equipment and financing loans payable, between 2.5% and 8% interest and maturing between January 2023 and March 2028	$	1,922,223	$	1,901,514
Loan received pursuant to the Payroll Protection Program Term Note		-		-
Total notes payable		1,922,223		1,901,514
Less: current portion of notes payable	$	649,808	$	664,913
Total non-current portion of notes payable	$	1,272,415	$	1,236,601

Interest expenses were $29,034 and $22,559 for the three months ended March 31, 2023 and 2022, respectively.

Future minimum annual maturities of notes payable as of March 31, 2023 were as follows:

	Notes Payable
2023, remaining	$	425,309
2024		478,492
2025		463,573
2026		384,627
2027		160,977
Thereafter		9,245
Total maturities	$	1,922,223
Current portion of notes payable		(649,808	)
Long-term portion of notes payable	$	1,272,415