Annual report pursuant to Section 13 and 15(d)

Note 19 - Long Term Debt and revolving line of credit

v3.19.1
Note 19 - Long Term Debt and revolving line of credit
12 Months Ended
Dec. 31, 2018
Notes  
Note 19 - Long Term Debt and revolving line of credit

Note 19 – Long term debt and revolving line of credit

 

Long term debt

 

Long term debt at December 31, 2018 and 2017 consists of the following:

 

 

 

2018

 

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 $1,059 and $3,723 loan service fee.

$

30,131   

$

62,659   

 

 

 

 

 

Loan through American Express National Bank, AENB, interest at 8.99% per annum, monthly principal and interest payments of $2,284, maturing December 2020.

 

48,090   

 

-   

 

 

 

 

 

Total notes payable

 

78,221   

 

62,659   

 

 

 

 

 

Less: Current maturities

 

(53,166)  

 

(33,854)  

 

 

 

 

 

 

$

25,055   

$

28,805   

 

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 $1,058 and $2,390 at December 31, 2018 and 2017, respectively.