| Notes Payable |
Note
7 – Notes Payable
Notes
payable are as follows:
| Schedule of notes payable | |
| | | |
| | |
| | |
March 31, | |
December 31, |
| | |
2025 | |
2024 |
| 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. | |
$ | 117,907 | | |
$ | 119,452 | |
| 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. | |
| 4,788 | | |
| 7,832 | |
| 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 | | |
| 300,000 | |
| Note payable to majority shareholder, bearing no interest, matures January 31, 2026, unsecured. | |
| 50,000 | | |
| 50,000 | |
| Note payable to a related party, bearing no interest, matures December 31, 2025, unsecured. | |
| 24,644 | | |
| 24,644 | |
| 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 | |
| 1,233,339 | | |
| 1,237,928 | |
| Less: Current Portion of Notes Payable | |
| (11,116 | ) | |
| (12,515 | ) |
| Less: Current Portion of Related-Party Notes Payable | |
| (1,110,644 | ) | |
| (760,644 | ) |
| Notes Payable, Net of Current Portion | |
$ | 111,579 | | |
$ | 464,769 | |
Principal
maturities of notes payable are as follows:
| Schedule of principal maturities of notes payable | | |
| | |
| Year | |
Amount |
| Remainder of 2025 | | |
$ | 770,164 | |
| 2026 | | |
| 356,605 | |
| 2027 | | |
| 7,120 | |
| 2028 | | |
| 7,597 | |
| 2029 | | |
| 8,145 | |
| Thereafter | | |
| 83,708 | |
| Total | | |
$ | 1,233,339 | |
|