Annual report pursuant to Section 13 and 15(d)

Note 17 - Long Term Debt and revolving line of credit

Note 17 - Long Term Debt and revolving line of credit

12 Months Ended

Dec. 31, 2017

Notes

Note 17 - Long Term Debt and revolving line of credit

Note 17 - Long term debt and revolving line of credit

Long term debt

Long term debt at December 31, 2017 and 2016 consists of the following:

		2017		2016
Commercial credit agreement with Bond Street Servicing, LLC at 11.6% interest per annum, semi-monthly payments of $1,648, maturing October 16, 2019. Net of $2,390 and $3,723 loan service fee.	$	62,659	$	91,488

Auto loan through Hyundai Motor Finance, interest at 2.99% per annum, monthly principle and interest payments of $878, maturing December 2018.		-		6,004

Total notes payable		62,659		97,492

Less: Current maturities		(33,854)		(28,226)
	$	28,805	$	69,266

Commercial credit agreement with Bond Street Servicing, LLC

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC for proceeds of $100,000 which were used to pay off WCI’s revolving line of credit with Bank of America. WCI was charged a $4,000 loan service fee which is being amortized as additional interest over the life of the loan on a straight line basis. The unamortized loan service fee balance was $2,390 and $3,723 at December 31, 2017 and 2016, respectively.

Revolving line of credit

WCI had 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. On October 14, 2016, WCI paid the revolving line of credit in full.