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PROSHOT CONCRETE, INC. AND SUBSIDIARIES <br />NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 AND 2018 <br />5. NOTES PAYABLE — CONTINUED <br />Future maturities of long-term debt are as follows: <br />2020 <br />$ 487,681 <br />2021 <br />587,098 <br />2022 <br />345,572 <br />2023 <br />319,533 <br />2024 <br />266,916 <br />Thereafter <br />497,187 <br />$ 2,503,987 <br />6. RELATED PARTY TRANSACTIONS <br />During January 2019, the Company entered into a lease agreement with a related party for $4,100 <br />per month. The lease expires January 1, 2021. Future lease receipts are as follows: <br />2020 <br />7. LETTER OF CREDIT <br />$ 49,200 <br />The Company maintains two letters of credits totaling $250,000 and $271,313 to secure insurance <br />premiums. They expire on January 10, 2021 and September 30, 2020, respectively. <br />8. DUE FROM STOCKHOLDER <br />During 2019, the Company advanced $819,442 to its stockholder ($1,919,094 in 2018). The <br />amount is due on demand, guaranteed by the stockholder, and accrues interest at the short-term <br />monthly applicable federal rate. At December 31, 2019, $2,738,536 was due from the stockholder <br />($1;919;094 at December 31, 2018) which includes $44,374 in accrued interest ($18,069 at <br />December 31, 2018). <br />M <br />