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<br />10 <br /> <br />NOTE 6. LONG-TERM DEBT <br /> <br />The Company has two notes payable related to the purchase of transportation <br />equipment and a loan from the Small Business Administration. The notes <br />include interest ranging from 0.00% to 4.49 % per annum and are secured by <br />the equipment. The cumulative monthly payment amounts to $1,315. <br /> <br />Aggregate maturities of long-term debt subsequent to December 31, 2022 are <br />as follows: <br /> <br /> <br />2023 15,774 <br />2024 8,772 <br />2025 8,772 <br />Thereafter 123,684 <br /> $ 157,002 <br /> <br />NOTE 7. LINES OF CREDIT <br /> <br />As of December 31, 2022, the Company had a line of credit with maximum <br />borrowings of $1,500,000 with Synovus Bank, bearing interest, payable <br />monthly, at 2.75% above the SOFR per annum. The line matures on August <br />2025 and the outstanding principal balance is due on that date. The line is <br />personally guaranteed by the stockholders of the Company and collateralized <br />by assets of the Company and real estate owned by the stockholders. <br /> <br />NOTE 8. COMMITMENT AND CONTINGENCIES <br /> <br />Warranties <br /> <br />The Company, in its normal course of business, provides a one-year warranty <br />covering materials and workmanship. The Company’s policy is to expense <br />costs in connection with this warranty in the period such costs are incurred. In <br />the opinion of management, based upon prior experience, future warranty <br />costs, if any, are not anticipated to be material. <br /> <br />Other <br />The Company may be party to certain contracts which contain provisions for <br />payment of damages upon late completion of the contracts. It is management’s <br />opinion that these amounts, if any, are not material at December 31, 2022. <br /> <br /> <br /> <br /> <br />