DEBT

6 Months Ended

Jun. 30, 2022

DEBT

8. DEBT

NOTE 8 – DEBT

Long term debt at June 30, 2022 and December 31, 2021 is as follows:

	June 30, 2022			December 31, 2021
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	$	208,046		$	215,150
Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck		148,937			-
		356,983			215,150
Less current portion		(91,347	)		(13,230	)
Long term portion	$	265,636		$	201,920

At June 30, 2022, principal payments on debt are due as follows:

Twelve months ending June 30,	Principal payment
2023	$	91,347
2024		82,573
2025		12,925
2026		13,219
2027		156,919
	$	356,983