Notes Payable

3 Months Ended

Mar. 31, 2021

Note 8 – Notes Payable

Notes payable as of March 31, 2021 and December 31, 2020 consisted of the following:

		March 31, 2021		December 31, 2020
Payable to insurance company; secured by cash surrender value of life insurance policy; no due date	$	158,535	$	158,535

Note Payable to finance company dated June 17, 2019; interest at 2.90% per annum; monthly payments of $4,749; due 48 months from issuance; secured by equipment		106,544		141,489

Note Payable to finance company dated September 26, 2019; interest at 10.228% per annum; monthly payments of $4,383; due 60 months from issuance; secured by equipment		149,473		156,267

Note Payable to finance company dated September 13, 2019; interest at 2.90% per annum; monthly payments of $3,422; due at 48 months from issuance; secured by equipment		98,921		105,264

Note Payable to finance company dated September 18, 2019; interest at 10.52% per annum; monthly payments of $2,143; due at 35 months from issuance; secured by equipment		33,705		39,151

Note Payable to finance company dated November 1, 2019; interest at 0.0% per annum; monthly payments of $3,000; due 52 months from issuance; final payment of $12,000; secured by equipment		120,000		129,000

Note Payable to finance company dated November 22, 2019; interest at 0.0% per annum; monthly payments of $934; due 24 months from issuance; secured by equipment		10,120		12,030

Note Payable to finance company dated February 19, 2020; interest at 8.0% per annum; monthly payments of $16,500 for the first 6 months then $11,520 for the remaining 36 months; due 42 months from issuance; secured by equipment		302,867		330,995

Note Payable to finance company dated February 13, 2020; interest at 10.35% per annum; monthly payments of $28,903; due 12 months from issuance; unsecured		—		48,169

Note Payable to finance company dated March 20, 2020; interest at 5.0% per annum; monthly payments of $6,135.98; due 60 months from issuance; secured by equipment		271,324		286,277

Note Payable to finance company dated March 20, 2020; interest at 5.0% per annum; monthly payments of $6,135.98; due 60 months from issuance; secured by equipment		271,324		286,277

Note Payable to finance company dated March 20, 2020; interest at 5.0% per annum; monthly payments of $6,135.98; due 60 months from issuance; secured by equipment	271,324	286,277

Note Payable to finance company dated March 20, 2020; interest at 5.0% per annum; monthly payments of $6,135.98; due 60 months from issuance; secured by equipment	271,324	286,277

Note Payable to finance company dated May 1, 2020; interest at 4.95% per annum; monthly payments of $5,709.31; due 60 months from issuance; secured by equipment	171,617	181,132

Note Payable to finance company dated May 22, 2020; interest at 10.582% per annum; monthly payments of $1,489.66; due 60 months from issuance; secured by equipment	59,062	61,918

Note Payable to Small Business Administration, 1% interest per annum, due in installments from month seven (7) to April 21, 2022. Requested forgiveness. 3.75% on portion not forgiven; monthly payments of $731.00; twelve (12) months deferred for a thirty year term	413,017	170,000

Note Payable to finance company dated June 22, 2020; interest at 10.582% per annum; monthly payments of $1,037.45; due 36 months from issuance; secured by equipment	24,184	26,413

Note Payable to finance company dated June 18, 2020; interest at 4.99% per annum; monthly payments of $1,207.47; due 60 months from issuance; secured by equipment	55,386	58,293

Note Payable to finance company dated June 22, 2020; interest at 10.582% per annum; monthly payments of $3,377.42; due 60 months from issuance; secured by equipment	138,124	144,475

Note Payable to finance company dated August 21, 2020; interest at 3.99% per annum; monthly payments of $4,456.50; due 60 months from issuance; secured by equipment	37,844	39,863

Note Payable to finance company dated September 16, 2020; interest at 4.85% per annum; monthly payments of $4,778.59; due 36 months from issuance; secured by equipment	139,287	147,670

Note Payable to finance company dated October 9, 2020; interest at 8.90% per annum; monthly payment of $16,500 for 5 months; then $10,158.19; due 48 months from issuance; secured by equipment	372,828	413,428

Note Payable to finance company dated February 19, 2021; interest at 14%; principal and interest due 90 days from issuance; secured by equipment	132,000	—

Note Payable to finance company dated March 25, 2021; six monthly payments at $6,000 then one payment of $97,500		125,000		—

Total		3,733,810		3,509,200

Less current portion		1,026,552		911,265

Long-term portion	$	2,707,258	$	2,597,935

Interest expense for all notes payable for the three months ended March 31, 2021 and 2020 was $46,837 and $51,756, respectively.

Ameramex International Inc 10-Q