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NOTES PAYABLE
12 Months Ended
Sep. 30, 2011
NOTES PAYABLE  
NOTES PAYABLE

NOTE 4 - NOTES PAYABLE

 

The Company secured permanent financing on the purchase of storage lot land in Arroyo Grande with Santa Lucia Bank. The loan was refinanced on April 6, 2006 and consolidated with a note for the purchase of another storage lot in Oceano, California. The total loan currently outstanding is $1,429,625, and was financed over a period of ten years at a variable interest rate currently at 5.00%. The lot in Oceano was formerly leased for $4,800 per month and was purchased for $925,000. The payments are currently $12,760 per month interest and principal. The Company also secured permanent financing on the purchase of another storage lot in Arroyo Grande, California with Santa Lucia Bank. The loan originated on May 8, 2008. The total loan currently outstanding is $2,842,644 and financed over a period of ten years at a variable interest rate currently at 5.0%. The payments are currently $15,416 per month interest and principal. The Company secured a vehicle lease with Donahue Transportation Services Corp on a 2008 Tow Truck. The loan originated on December 9, 2009. The total loan currently outstanding is $42,817 and financed over a period of seven years at an interest rate of 8.39%. The payments are currently $799 per month interest and principal.

 

Principal payments of the notes payable are as follows:

Year Ending September 30,

 

2012

$   131,882

2013

     140,486

2014

     147,928

2015

     155,771

2016

  1,132,770

Thereafter

  2,606,249

 

$4,315,086