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Note 8 - Notes Payable
12 Months Ended
Dec. 31, 2018
Disclosure Text Block [Abstract]  
Note 8 - Notes Payable

NOTE 8 – NOTES PAYABLE

 

As of December 31, 2018, the Company’s notes payable consisted of bank loans of $350,315 on the Mad Creek property and $384,012 on the 10th Street property, which was assumed when the property was deeded to the Company on September 12, 2018.  The Mad Creek loan had a variable interest rate of 4.75% as of December 31, 2018 that adjusts on May 1 and November 1 each year.  The loan matures on November 1, 2036.  The 10th Street loan has a fixed interest rate of 9.66% and a maturity date of July 1, 2036.

 

      December 31,   December 31,
      2018   2017
           
Note payable     $ 734,327      $ 362,883   
Less current portion     (23,355)     (12,819)  
Note payable, net of current portion   $ 710,972      $ 350,064   

 

Principal maturities on notes payable are as follows:

 

Years Ending December 31,  
2019 $ 23,355   
2020 24,879   
2021 26,522   
2022 28,297   
2023 30,214   
Thereafter 601,060   
Total $ 734,327