Loans payable |
9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 |
Dec. 31, 2021 |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
| Loans payable | Note 8 – Loans payable
Loans payable is comprised of the following:
On November 20, 2020, the Company financed the purchase of a vehicle for $40,000. The loan term is for 59 months, annual interest rate of 4.49%, with monthly principal and interest payments of $745, and secured by the purchased vehicle. The loan balance was $26,000 at September 30, 2022.
On January 20, 2022, the Company financed the purchase of second vehicle for $49,000. The loan term is for 71 months, annual interest rate of 15.54%, with monthly principal and interest payments of $1,066, and secured by the purchased vehicle. During the nine months ended September 30, 2022, the Company made principal payments of $9,000, leaving a loan balance of $47,000 at September 30, 2022.
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Note 7 – Loan payable
On November 20, 2020, the Company financed the purchase of a vehicle for $40,000. The loan term is for 59 months, annual interest rate of 4.49%, with monthly principal and interest payments of $745, and secured by the purchased vehicle. The loan balance was $40,000 at December 31, 2020, of which $7,000 was recorded as the current portion of loans payable on the accompanying balance sheet. During the twelve months ended December 31, 2021, the Company made principal payments of $7,000, leaving a loan balance of $33,000 at December 31, 2021, of which $8,000 was recorded as the current portion of loan payable on the accompanying balance sheet.
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