Quarterly report pursuant to Section 13 or 15(d)

Note 19 - Long Term Debt

v3.10.0.1
Note 19 - Long Term Debt
 6 Months Ended
Jun. 30, 2018
Notes  
Note 19 - Long Term Debt

Note 19 - Long term debt

 

Long term debt

 

Long term debt consists of the following:

 

 

 

June 30,

2018

 

December 31,

2017

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 $1,725 and $2,390 unamortized loan service fee, respectively.

$

46,877

$

62,659

 

 

 

 

 

 Total notes payable

 

46,877

 

62,659

 

 

 

 

 

Less: Current maturities

 

(35,820)

 

(33,854)

 

 

 

 

 

 

$

11,057

$

28,805

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC which required a $4,000 loan service fee. The service fee is being amortized as additional interest over the life of the loan on a straight line basis.