| Long-Term Debt |
5.
Long-Term Debt
Long-term debt consisted
of the following as of June 30, 2026 and December 31, 2025:
| Schedule
of long term debt payment | |
| | | |
| | |
| | |
June
30, 2026 | |
December
31, 2025 |
| Note payable
– SBA: Payable in monthly installments of $731,
including interest at 3.75%
per annum, maturing in May
2050, and is unsecured. | |
| 137,081 | | |
| 138,853 | |
| Notes
payable –GM Financial: In
April 2022, the Company secured a commercial line up to $300,000 to be used to finance vehicle purchases. The original agreement
expired in April 2023 but was renewed for a commercial line up to $350,000 with prevailing GM Financial existing terms each year
since. The current agreement expires in April
2027. One note was paid off when the corresponding vehicle was sold in May 2023, two notes were paid off when the corresponding
vehicles were sold in February 2024, two further notes were paid off in April 2026, and one note remains outstanding as of June 30,
2026. The notes are currently payable in monthly installments of $892,
including interest at 6.14%
per annum, matures in May of 2028, and is secured by the
related vehicle. | |
| 19,102 | | |
| 58,392 | |
| Total | |
$ | 156,183 | | |
$ | 197,245 | |
| Less
current portion | |
| (13,399 | ) | |
| (31,058 | ) |
| Long-term
debt, net of unamortized debt discount and current portion | |
$ | 142,784 | | |
$ | 166,187 | |
Future maturities
of long-term debt are as follows:
| Schedule
of maturities of long-term debt |
|
|
|
| 12
Months Ending June 30, |
| 2027 |
$ |
13,399 |
|
| 2028 |
|
13,131 |
|
| 2029 |
|
3,928 |
|
| 2030 |
|
4,078 |
|
| 2031 |
|
4,234 |
|
| Thereafter |
|
117,413 |
|
| Total |
$ |
156,183 |
|
|