Long term debt and revolving line of credit |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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
* Although the loan maturity is 2026, Company management intended this to be a short term loan and the loan was paid in full in October, 2016, see note 24.
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 matured on September 4, 2016 and was due November 4, 2016. At September 30, 2016 and December 31, 2015, the Company had $70,000 and $70,000 outstanding on the line of credit, respectively. The line is secured by a personal guarantee of WCI’s president. Interest on the line of credit for the three months ended September 30, 2016 and, 2015 was $1,101 and $959, respectively. Interest on the line of credit for the nine months ended September 30, 2016 and, 2015 was $3,233 and $2,844, respectively. Subsequent to September 30, 2016, the Company obtained a $100,000 loan under a commercial credit agreement which was used to pay off the revolving line of credit with Bank of America, see Note 24. |