Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

The Company uses credit to finance the purchase of heavy equipment on a short-term and long-term basis and secured by specific pieces of equipment. Notes payable as of December 31, 2020 and 2019, consisted of the following:

	2020		2019
Payable to insurance company; interest only, secured by cash surrender value of life insurance policy; no due date	$	158,535	$	158,535

Note Payable 043 to finance company dated March 20, 2019; interest at 0.0% per annum; monthly payment of $5,000; due 12 months from issuance; unsecured		—		15,000

Note Payable ROC 001 to finance company dated June 17, 2019; interest at 2.90% per annum; monthly payment of $4,749.37; due 48 months from issuance; secured by equipment		141,489		189,467

Note Payable 044 to finance company dated September 26, 2019; interest at 10.228% per annum; monthly payment of $4,383.09; due 60 months from issuance; secured by equipment		156,267		197,033

Note Payable ROC 002 to finance company dated September 13, 2019; interest at 2.90% per annum; monthly payment of $3,422.31; due 48 months from issuance; secured by equipment		105,264		142,689

Note Payable 045 to finance company dated September 18, 2019; interest at 10.52% per annum; monthly payment of $2,143; due 35 months from issuance; secured by equipment		39,151		59,566

Note Payable 046 to finance company dated November 1, 2019; interest at 0.0% per annum; monthly payment of $3,000; due 52 months from issuance, final payment of $12,000; secured by equipment		129,000		162,000

Note Payable 047 to finance company dated November 22, 2019; interest at 0.0% per annum; monthly payment of $933.60; due 24 months from issuance; secured by equipment	12,030	21,473

Note Payable 050 to finance company dated February 19,2020; interest at 8.0% per annum; monthly payment of $16,500 for 6 months then $11,520.44 due 36 months from issuance; secured by equipment	330,995

Note Payable 051 to finance company dated February 25, 2020; interest at 10.35% per annum; monthly payment of $28,903.16; due 12 months from issuance; unsecured	48,169

Note Payable ROC 003 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277

Note Payable ROC 004 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277

Note Payable ROC 005 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277

Note Payable ROC 006 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277

Note Payable ROC 007 to finance company dated May 1, 2020; interest at 4.95% per annum; monthly payment of $34,26.73; due 60 months from issuance; secured by equipment	181,132

Note Payable 052 to finance company dated April 21, 2020; interest at 10.582% per annum; monthly payment of $1,489.66; due 60 months from issuance; secured by equipment	61,918

Note Payable 053 to SBA dated September 24, 2020; interest at 3.884% per annum; monthly payment of $731; due 384 months from issuance; unsecured	170,000

Note Payable 054 to finance company dated May 22, 2020; interest at 14.378% per annum; monthly payment of $1,037.45; due 36 months from issuance; secured by equipment	26,413

Note Payable 055 to finance company dated June 18, 2020; interest at 4.990% per annum; monthly payment of $1,207.42; due 60 months from issuance; secured by equipment		58,293

Note Payable 056 to finance company dated June 24, 2020; interest at 10.625% per annum; monthly payment of $3,377.42; due 60 months from issuance; secured by equipment		144,475

Note Payable 058 to finance company dated August 28, 2020; interest at 3.390% per annum; monthly payment of $783.56; due 60 months from issuance; secured by equipment		39,863

Note Payable 059 to finance company dated September 16, 2020; interest at 4.850% per annum; monthly payment of $4,778.59; due 36 months from issuance; secured by equipment		147,670

Note Payable 060 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		413,428

Total		3,509,200		945,763

Less current portion		911,265		386,528

Long-term portion	$	2,597,935	$	559,235

Schedule of aggregate future annual maturities of notes payable

Aggregate future annual maturities of notes payable as of December 31, 2020, are as follows:

Years ending December 31:
2021	$	911,265
2022		1,025,936
2023		787,902
2024		514,494
2025		269,603
	$	3,509,200

Ameramex International Inc 10-K