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NOTES PAYABLE
 3 Months Ended
Mar. 31, 2024
Standard Waste Services L L C [Member]  
Restructuring Cost and Reserve [Line Items]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

Notes payable at March 31, 2024 and December 31, 2023 can be summarized as follows:

SCHEDULE OF NOTES PAYABLE 

  

March 31,

2024		  

December 31,

2023		 
         
Note payable to third-party individual, secured by underlying assets, due in equal monthly payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum.  $516,777   $525,381 
           

Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,576, beginning January 2019 and due December 2023 in full, plus interest of 12.07% per annum. This note as of March 31, 2024 is currently in default.

   2,550    7,574 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,315, beginning March 2019 and due March 2024 in full, plus interest of 11.27% per annum. This note as of March 31, 2024 is currently in default.   9,048    15,616 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,663, beginning May 2019 and due March 2024 in full, plus interest of 11.89% per annum. This note as of March 31, 2024 is currently in default.   7,832    15,437 
           
Subtotal  $536,207   $564,008 

 

 

STANDARD WASTE SERVICES, LLC

(A Limited Liability Company)

 

NOTES TO FINANCIAL STATEMENTS - Continued

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

 

NOTE 5 – NOTES PAYABLE – Continued

 

  

March 31,

2024		  

December 31,

2023		 
         
Subtotal from previous page  $536,207   $564,008 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,503, beginning May 2019 and due April 2024 in full, plus interest of 10.59% per annum.   10,158    14,324 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,510, beginning June 2019 and due May 2024 in full, plus interest of 11.08% per annum.   20,393    30,176 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,639, beginning August 2019 and due July 2024 in full, plus interest of 12.56% per annum.   10,287    17,727 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,384, beginning February 2020 and due February 2025 in full, plus interest of 7.61% per annum.   35,851    45,204 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,619, beginning March 2020 and due March 2024 in full, plus interest of 8.73% per annum.   6,361    11,013 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,902, beginning June 2020 and due June 2026 in full, plus interest of 5.50% per annum.   48,198    53,195 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,016, beginning July 2020 and due July 2025 in full, plus interest of 12.51% per annum.   29,566    34,584 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,239, beginning July 2020 and due July 2025 in full, plus interest of 12.41% per annum.   32,868    38,451 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $979, beginning August 2020 and due August 2026 in full, plus interest of 5.50% per annum.   26,521    29,069 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,079, beginning November 2020 and due October 2025 in full, plus interest of 9.40% per annum.   34,777    40,113 
           
Subtotal  $791,187   $877,864 

 

 

STANDARD WASTE SERVICES, LLC

(A Limited Liability Company)

 

NOTES TO FINANCIAL STATEMENTS - Continued

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

 

NOTE 5 – NOTES PAYABLE – Continued

 

  

March 31,

2024		  

December 31,

2023		 
         
Subtotal from previous page  $791,187   $877,864 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,940, beginning November 2020 and due October 2025 in full, plus interest of 9.42% per annum.   27,436    31,407 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,829, beginning December 2020 and due December 2025 in full, plus interest of 6.25% per annum.   56,135    63,666 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,162, beginning December 2020 and due September 2025 in full, plus interest of 8.88% per annum.   42,827    49,428 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,033, beginning March 2021 and due March 2026 in full, plus interest of 5.99% per annum.   45,865    51,222 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,855, beginning May 2021 and due May 2026 in full, plus interest of 6.95% per annum.   68,311    75,603 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,967, beginning August 2021 and due August 2028 in full, plus interest of 6.10% per annum.   137,502    144,271 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,275, beginning August 2021 and due August 2026 in full, plus interest of 6.92% per annum.   60,580    66,289 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,176, beginning September 2021 and due September 2026 in full, plus interest of 6.72% per annum.   87,472    95,440 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,225, beginning November 2021 and due November 2026 in full, plus interest of 6.73% per annum.   94,226    102,226 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,586, beginning December 2021 and due December 2026 in full, plus interest of 5.99% per annum.   108,868    117,906 
           
Subtotal  $1,520,409   $1,675,322 

 

 
STANDARD WASTE SERVICES, LLC

(A Limited Liability Company)

 

NOTES TO FINANCIAL STATEMENTS - Continued

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

 

NOTE 5 – NOTES PAYABLE – Continued

 

  

March 31, 2024

  

December 31, 2023

 
           
Subtotal from previous page  $

1,520,409

   $

1,675,322

 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,134, beginning February 2022 and due February 2026 in full, plus interest of 7.50% per annum.   66,938    74,982 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,000, beginning March 2022 and due February 2029 in full, plus interest of 4.99% per annum.   158,516    165,428 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,063, beginning April 2022 and due April 2029 in full, plus interest of 5.64% per annum.   164,399    171,205 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,381, beginning July 2022 and due July 2029 in full, plus interest of 6.29% per annum.   183,441    190,626 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,427, beginning July 2022 and due July 2026 in full, plus interest of 7.90% per annum.   87,372    95,816 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning July 2022 and due August 2027 in full, plus interest of 4.91% per annum.   131,700    141,455 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning July 2022 and due August 2027 in full, plus interest of 4.91% per annum.   131,700    141,455 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,071, beginning July 2022 and due August 2027 in full, plus interest of 9.26% per annum.   107,578    114,199 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,446, beginning November 2022 and due November 2027 in full, plus interest of 8.50% per annum.   55,562    58,676 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,850, beginning March 2023 and due January 2029 in full, plus interest of 6.76% per annum.   92,646    96,587 
           
Subtotal  $2,700,261   $2,925,751 

 

 

STANDARD WASTE SERVICES, LLC

(A Limited Liability Company)

 

NOTES TO FINANCIAL STATEMENTS - Continued

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

 

NOTE 5 – NOTES PAYABLE – Continued

 

   2024   2023 
         
Subtotal from previous page  $2,700,261   $2,925,751 
           
Note payable to bank, secured by underlying assets, due in equal monthly payments of $5,590, beginning March 2023 and due March 2028 in full, plus interest of 7.35% per annum.   231,857    244,214 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,213, beginning December 2023 and due December 2030 in full, plus interest of 8.47% per annum.   259,235    266,434 
           
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,269, beginning December 2023 and due December 2030 in full, plus interest of 8.90% per annum.   259,248    266,184 
           
Total notes payable   3,450,601    3,702,583 
           
Less: current portion of notes payable   942,738    982,060 
           
Notes payable - long-term portion  $2,507,863   $2,720,523 

 

Principal payments on notes payable for the next five years as of March 31 and thereafter as follows:

 

      
2025  $942,738 
2026   815,446 
2027   580,151 
2028   701,595 
2029   226,547 
Thereafter   184,124 
Total  $

3,450,601

 

 

Total interest expense included on the statements of income and changes in members’ equity for the three-months ended March 31, 2024 and 2023 amounted to $65,498 and $68,153, respectively.