Company: AGSS
Filing Date: 2025-05-08
Form Type: 10-K/A
Source: 0001829126-25-003478
Chunk: 45

Company: AMERIGUARD SECURITY SERVICES, INC.
Filing Date: 2025-05-08
Form: 10-K/A
Chunk 45
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   | Schedule of maturities of lease liabilities |   |         |
|:--|:--------------------------------------------|:--|--------:|
| ● | 2024:                                       | $ | 269,104 |
| ● | 2025:                                       | $ | 261,130 |
| ● | 2026:                                       | $ | 233,281 |
| ● | 2027:                                       | $ | 156,809 |
| ● | 2028:                                       | $ |  55,298 |
| ● | Thereafter                                  | $ |   1,978 |
| ● | Total                                       | $ | 977,600 |

NOTE 9 – DEFERRED REVENUE

During the first three years of operations of TransportUS Inc, Secure Transportation, Inc. (Secure), a subcontractor, advanced funds to TransportUS Inc. with the expectation of future services provided for Secure. This arrangement ended, December 31, 2021, after Secure had advanced $1,087,327. The agreement moving forward requires TransportUS to provide services in the amount of $15,000 per month or return funds to secure in that same amount. TransportUS has returned funds in the amount of $365,000, leaving a balance of $722,327 as of December 31, 2023.

NOTE 10 – PAYROLL LIABILITY – PENSION

The company offers various pension plans to employee groups based on location of employment. Corporate office employees and guards have an option to participate in a 401K sponsored by the company with a matching program up to 5% of employee salary. Federal contracts have union agreements that define the pension calculation and due dates. It is the responsibility of the company to calculate the pension benefit amount each month and contribute the amount due to the plan designated. The pension balances due on December 31, 2023, and 2022 for all plans were $507,792 and $453,965 respectively.

NOTE 11 – NOTES PAYABLE

In June 2020, AmeriGuard Security Services, Inc. received an SBA Loan through Fresno First Bank in the amount of $1,080,000 that was used to close out a Citibank loan in the amount of $312,339 with the remaining balance after expenses held in reserve. The SBA loan is a 10-year loan with monthly principal and interest payments. Interest rate is variable at prime rate plus 2.75%, adjusted every calendar quarter. Interest rate on