FINANCE LEASES

9 Months Ended

Sep. 30, 2023

FINANCE LEASES

FINANCE LEASES

NOTE 5 – FINANCE LEASES

During 2019 and 2020, the Company borrowed an aggregate $9,985 and $7,357 under the following third-party and related party finance lease transactions:

· A $9,985 note from a third party for the lease of fixed assets, bearing interest at 22%, amortized over 24 months with a payment of $498 in addition to a $22 management fee for a total monthly payment of $520. The lease has a bargain purchase option of $1 at the end of the lease term.

· A $6,168 note from a third party for the purchase of fixed assets, bearing interest at 16.6% amortized over 36 months with payments of $219.

· A $1,188 note from a third party for the purchase of fixed assets, bearing interest at 16.60% amortized over 36 months with payments of $42.

The following is a schedule of the net book value of the finance lease. 

Assets	Sept. 30, 2023
Leased equipment under finance lease,	$	73,883
less accumulated amortization		(73,402	)
Net	$	481

Liabilities	Sept. 30, 2023
Obligations under finance lease (current)	$	502
Obligations under finance lease (noncurrent)		-
Total	$	502

The following is a schedule, by years, of future minimum lease payments required under finance leases.

Years ended December 31	Finance Leases
2023		522
Thereafter		-
Total		522
Less: Imputed Interest		(20	)
Total Liability		502