Debt |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt | |
| Debt | Note 4 – Debt
During February 2025, the Company entered into an unsecured note payable agreement with proceeds totaling $150,000. The note payable bears interest at 17%, is payable in monthly installments of $9,500, and matures 18 months from issuance.
During June 2025, the Company entered into a secured equipment note payable agreement totaling $114,121. The note payable is secured by equipment, bears interest at 6%, is payable in monthly installments of $2,845, and matures 48 months from issuance. The secured note payable resulted in the purchase of $86,117 in equipment and $28,004 in repair costs.
During June 2025, the Company entered into an unsecured note payable agreement with First America Metal Corp (FAMC) which settled $500,000 of accounts payable due to FAMC. The note payable bears interest at 7.50% and requires monthly interest only payments. The note payable is due within 60 days of FAMC providing the Company written notice of demand. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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