Quarterly report pursuant to Section 13 or 15(d)

Note 18 - Long Term Debt

v3.19.2
Note 18 - Long Term Debt
 6 Months Ended
Jun. 30, 2019
Notes  
Note 18 - Long Term Debt

Note 18 - Long term debt

 

Long term debt

 

Long term debt at June 30, 2019 and December 31, 2018 consists of the following:

 

 

 

June 30,

2019

 

December 31,

2018

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 $393 and $1,059 loan service fee.

$

12,339

$

30,131

 

 

 

 

 

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

 

36,321

 

48,090

 

 

 

 

 

Total notes payable

 

48,660

 

78,221

 

 

 

 

 

Less: Current maturities

 

37,902

 

53,166

 

 

 

 

 

Long-term debt

$

10,758

$

25,055

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC and 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 $393 and $1,059 at June 30, 2019 and December 31, 2018, respectively.