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Notes Payable and Line of Credit (Tables)
6 Months Ended
Jun. 30, 2024
Notes Payable and Line of Credit  
Summary of notes payable

 

 

June 30,

2024

 

 

December 31,

2023

 

 

 

 

 

 

 

 

SBA loan May 2020

 

 

140,280

 

 

 

141,412

 

Note payable September 2021

 

 

603,088

 

 

 

616,492

 

 

 

 

 

 

 

 

 

 

Total notes payable

 

 

743,368

 

 

 

757,904

 

Less: discount and deferred finance costs

 

 

-

 

 

 

-

 

Less: current portion

 

 

(607,473 )

 

 

(619,932 )

Long-term portion of notes payable

 

$135,895

 

 

 

137,972

 

Summary of annual principal payments

For the twelve months ended June 30: 

 

Amount

 

2024 (6 months remaining

 

$657,473

 

2025

 

 

3,588

 

2026

 

 

3,727

 

2027

 

 

4,193

 

2028

 

 

4,008

 

Thereafter

 

 

120,379

 

Total principal

 

 

793,368