Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-Term Debt

Long-Term Debt

7. Debt:

Long-term debt at December 31, 2021 and 2020 is as follows:

	2021			2020
Note payable to Zeo Inc., non-interest bearing,
payable in 11 quarterly installments of $8,300 with a final payment of $8,700;
maturing December 2022; uncollateralized.	$	-		$	66,800
Note payable to Cat Financial Services, bearing interest at 6%;
payable in monthly installments of $778; maturing
December 2022; collateralized by equipment.		-			17,480
Note payable to Phyllis Rice, bearing interest
at 1%; payable in monthly installments of $2,000; originally maturing
March 2015; collateralized by equipment.		-			2,146
Promissory note payable to First Security Bank of Missoula,
bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with
a final payment of $152,726 maturing November 9, 2026; collateralized by a
lien on Certificate of Deposit		215,150			-
Total debt	$	215,150		$	86,426
Less current portion		(13,230	)		(52,122	)
Long-term portion	$	201,920		$	34,304

At December 31, 2021, principal payments on debt are due as follows:

12 Months Ending December 31,	Principal Payment
2022	$	13,230
2023		12,497
2024		12,769
2025		13,071
2026		163,583
	$	215,150

At December 31, 2020, the Company had a notes payable to First Security Bank of Missoula for $100,000 which was collateralized by a lien on a certificate of deposit. These notes were paid in full during 2021.