| Notes Payable |
7. Notes Payable Notes payable consisted of the following approximate amounts: | | June 30, 2022 | | | December 31, 2022 | | Installment note payable to bank; interest at 4.10% due in monthly installments of $5,229, including interest, with final payment in March 2023 | | | 46,000 | | | | 76,000 | | Installment note payable to bank; interest at 5.00% due in monthly installments of $1,377, including interest, with final payment in November 2024 | | | 38,000 | | | | 45,000 | | Installment note payable to bank; interest at 4.65% due in monthly installments of $1,176, including interest, with final payment in March 2024 | | | 27,000 | | | | - | | Installment note payable to bank; interest at 4.75% due in monthly installments of $3,527, including interest, with final payment in May 2024 | | | 81,000 | | | | - | | Installment note payable to bank; interest at 6.21% due in monthly installments of $2,214, including interest, with final payment in June 2024 | | | 50,000 | | | | - | | | | | 242,000 | | | | 121,000 | |
The notes are secured by specific equipment with a carrying value of approximately $411,119 and are nonrecourse liabilities of the Partnership. As such, the notes do not contain any financial debt covenants with which the Partnership must comply on either an annual or quarterly basis. Aggregate approximate maturities of notes payable for each of the periods subsequent to June 30, 2022 are as follows: | | Amount | | Six months ended December 31, 2022 | | | 85,000 | | Year ended December 31, 2023 | | | 110,000 | | Year ended December 31, 2024 | | | 47,000 | | | | $ | 242,000 | |
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