Quarterly report pursuant to Section 13 or 15(d)

Long term debt and revolving line of credit

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Long term debt and revolving line of credit
3 Months Ended
Mar. 31, 2016
Long term debt and revolving line of credit:  
Long term debt and revolving line of credit

Note 14 - Long term debt and revolving line of credit

 

Long term debt

 

 

March 31, 2016

 

December 31, 2015

Two auto loans through Compass bank, interest at 7.99% per annum, monthly principle and interest payments of $538, maturing February 2016

$

-

$

1,069

 

 

 

 

 

Auto loan through Hyundai Motor Finance, interest at 2.99% per annum, monthly principle and interest payments of $878, maturing December 2018.

 

26,961

 

29,3845

 

 

 

 

 

Loan through LoanMe, Inc., interest at 94% per annum, monthly principle and interest payments of $2,233, maturing March 1, 2026. **

 

28,500

 

-

  Total long term debt

 

55,461

 

30,453

 

 

 

 

 

  Less: Current maturities

 

(9,015)

 

(10,841)

 

 

 

 

 

 

$

46,446

$

19,612

 

** Although the loan does not mature until 2026, the Company intends to pay the loan to LoanMe, Inc. off in 2016.

 

Revolving line of credit

 

The Company has a $75,000 unsecured revolving line of credit with Bank of America, with interest at the bank’s prime rate plus 3% due monthly. The line of credit matures on September 4, 2016. At March 31, 2016 and December 31, 2015, the Company had $60,000 outstanding on the line of credit. The line is secured by a personal guarantee of WCI’s president. Interest on the line of credit for the three months ended March 31, 2016 and, 2015 was $2,946 and $1,678, respectively.