| Notes Payable |
Note
7 – Notes Payable
Notes
payable are as follows:
| Schedule of notes payable | |
| | | |
| | |
| | |
March
31, | |
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. | |
$ | 123,844 | | |
$ | 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. | |
| 17,979 | | |
| 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, 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 | |
| 1,202,467 | | |
| 1,031,626 | |
| Less:
Current Portion of Notes Payable | |
| (17,621 | ) | |
| (79,438 | ) |
| Less:
Current Portion of Related-Party Notes Payable | |
| — | | |
| (112,000 | ) |
| Notes
Payable, Net of Current Portion | |
$ | 1,184,846 | | |
$ | 840,188 | |
Principal
maturities of notes payable are as follows:
| Schedule of principal maturities of notes payable | |
|
| Year | |
Amount |
| Remainder of 2024 | | |
$ | 14,539 | |
| 2025 | | |
| 773,159 | |
| 2026 | | |
| 308,199 | |
| 2027 | | |
| 7,120 | |
| 2028 | | |
| 7,597 | |
| Thereafter | | |
| 91,853 | |
| Total | | |
$ | 1,202,467 | |
|