Company: AGSS
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001213900-25-091579
Chunk: 13

Company: AMERIGUARD SECURITY SERVICES, INC.
Filing Date: 2025-09-25
Form: 10-Q
Item: Item 1
Chunk 13
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 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 June 30, 2025, and December 31, 2024, were $338,839 and $708,120 respectively.  

NOTE 10 – 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. The interest rate on September 30, 2024, is 10.75% and on December 31, 2023, it was 11.2%. The balance remaining on the SBA loan was $670,856 and $730,213 as of September 30, 2024, and December 31, 2023, respectively.   On July 7, 2022, the Company entered into a buyout agreement with shareholder Lillian Flores. The total buyout amount was $3,384,950 representing 45% of the calculated business value as of December 31, 2020. Following the initial payment of $686,990, the company agreed to make 4 equal installments of principal and interest of $739,508 each December 31, starting 2023. Interest is calculated at a fixed rate of 3.110% compounded semi-annually. The company accrued interest on December 31, 2022, of $49,035. Balance remains in the amount of $2,697,960. All interest due was paid December 28, 2023, resulting in a balance of $0 on December 31, 2023. The Company requested a deferral of the payment of principal due December 31, 2023, and received a deferral from Mrs. Flores. On January 22, 2024, the Company entered into an agreement