Quarterly report pursuant to Section 13 or 15(d)

Note 19 - Long Term Debt

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Note 19 - Long Term Debt
9 Months Ended
Sep. 30, 2018
Notes  
Note 19 - Long Term Debt

Note 19 - Long term debt

 

Long term debt consists of the following:

 

 

 

September 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 $1,392 and $2,390 unamortized loan service fee, respectively.

$

38,636

$

62,659

 

 

 

 

 

Total notes payable

 

38,636

 

62,659

 

 

 

 

 

Less: Current maturities

 

(36,880)

 

(33,854)

 

 

 

 

 

 

$

1,756

$

28,805

 

WCI’s commercial credit agreement with Bond Street Servicing, LLC 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.