| Notes Payable |
Note
7 – Notes Payable
Notes
payable are as follows:
| Schedule of notes payable | |
| | | |
| | |
| |
September 30, | |
December 31, |
| |
2024 | |
2023 |
| Note payable to a bank, interest at 6.75%, due in monthly installments of principal and interest, matures August 15, 2039, secured by a boat. | |
$ | 120,954 | | |
$ | 130,212 | |
| Note payable to a bank, interest at 7.49%, due in monthly installments of principal and interest, matures March 15, 2037, secured by a boat. | |
| 13,274 | | |
| 20,270 | |
| Note payable to seller (a related party), interest at 7.25%, due August 15, 2025, secured by membership interest in Down 2 Fish Charters, LLC. | |
| 700,000 | | |
| 700,000 | |
| Note payable to majority shareholder, interest at 5.00%, matures January 31, 2026, unsecured. | |
| 300,000 | | |
| — | |
| Note payable to majority shareholder, bearing no interest, matures January 31, 2026, unsecured. | |
| 50,000 | | |
| — | |
| Note payable to majority shareholder, bearing no interest, with various maturities, unsecured. | |
| — | | |
| 112,000 | |
| Note payable to a related party, bearing no interest, matures December 31, 2025, unsecured. | |
| 24,644 | | |
| 33,144 | |
| Note payable to a related party, bearing no interest, matures December 31, 2025, unsecured. | |
| 10,000 | | |
| 10,000 | |
| Note payable to a related party, bearing no interest, matures December 31, 2025, unsecured. | |
| 26,000 | | |
| 26,000 | |
| Total Notes Payable | |
| 1,244,872 | | |
| 1,031,626 | |
| Less: Current Portion of Notes Payable | |
| (16,244 | ) | |
| (79,438 | ) |
| Less: Current Portion of Related-Party Notes Payable | |
| (700,000 | ) | |
| (112,000 | ) |
| Notes Payable, Net of Current Portion | |
$ | 528,628 | | |
$ | 840,188 | |
Principal
maturities of notes payable are as follows:
| Schedule of principal maturities of notes payable | | |
| | |
| Year | |
Amount |
| Remainder of 2024 | | |
$ | 6,944 | |
| 2025 | | |
| 773,159 | |
| 2026 | | |
| 358,199 | |
| 2027 | | |
| 7,120 | |
| 2028 | | |
| 7,597 | |
| Thereafter | | |
| 91,853 | |
| Total | | |
$ | 1,244,872 | |
|